Singapore Bans Polymarket: Crypto-Based Prediction Platform Declared Illegal Gambling Site

Singaporean regulatory authorities have taken a firm stance against a US-based cryptocurrency-based prediction market, declaring it as an illegal gambling site and imposing a ban on the platform. The decision has left users of the crypto-based betting platform Polymarket unable to access the website, as Singapore classified it as an “unlicensed online gambling operator,” in violation of the country’s strict gambling laws.

The ban was implemented by Singapore’s Gambling Regulatory Authority on January 12, effectively blocking access to the crypto-based prediction market site. Cobo Global’s Vice President of Investment and Custody, Alex Zuo, confirmed the ban, stating that Polymarket is officially defined as a gambling website in Singapore. Analysts have described Polymarket as an online platform that allows users to bet on a wide range of events, from elections to sports. However, the Gambling Regulatory Authority viewed the platform as operating without a proper license in the country, leading to the ban.

Singaporean users who attempted to access Polymarket received a warning from the state-run GRA, informing them that the platform is an unlicensed gambling operator in the country. The regulator stated, “You attempted to access an illegal gambling site hosted by an unlicensed gambling service provider,” in a notice posted on the website.

The GRA emphasized that Polymarket’s operations violate the country’s Gambling Control Act 2022, which governs unlawful gambling and the regulation of authorized gambling services outside of casinos. Under the law, all gambling operators must obtain proper licensing from the regulatory body to provide services to Singaporean residents. Currently, the only licensed online gambling operator in the country is the state-owned lottery subsidiary, Singapore Pools.

Individuals accessing unlicensed gambling platforms in Singapore face severe penalties, including fines of up to $10,000 or a jail term of up to 6 months, or both, under Section 20 of the Gambling Control Act 2022. The GRA warned that enforcement of these penalties will be strict to deter illegal gambling activities in the country.

The resistance to Polymarket is not limited to Singapore, as the online betting platform has faced challenges in other countries as well. France’s National Gaming Authority flagged down access to Polymarket in November last year, citing violations of strict French gambling laws. In the United States, the Commodity Futures Trading Commission also blocked the platform for operating as an unregistered derivatives trading platform.

The ban on Polymarket in Singapore reflects the growing regulatory scrutiny on cryptocurrency-based gambling platforms worldwide. As authorities continue to crack down on illegal gambling activities, users and operators of such platforms are urged to comply with the laws and regulations of the countries in which they operate.