Singapore Bans Polymarket, Labels It ‘Illegal Gambling Website’

Highlights:

• Singapore’s GRA blocks Polymarket, labeling it an illegal gambling site under local laws.
• Polymarket users face penalties if caught gambling with unlicensed operators in Singapore. 
• Polymarket is banned in multiple countries, including Taiwan, France, and the U.S., for legal issues.

The Gambling Regulatory Authority (GRA) of Singapore has officially blocked access to the crypto-based prediction market Polymarket, classifying it as an illegal gambling site. On January 12, Singaporean users encountered issues accessing Polymarket. 

Visitors from Singapore trying to access Polymarket see a warning citing Section 20 of the Gambling Control Act 2022. The law stipulates fines of up to 10,000 Singapore dollars, six months imprisonment, or both for engaging with unlicensed operators. Alex Zuo, Cobo Global’s VP of Investment and Custody, confirmed on X that Polymarket is now officially classified as a gambling site. He noted that individuals must place bets through state-approved operators to avoid penalties or imprisonment.

GRA stated:

“You have attempted to access an illegal gambling site hosted by an unlicensed gambling service provider. Singapore Pools is the only licensed online gambling operator in Singapore.”

Polymarket was launched in 2020 and lets users bet on event outcomes like elections and disasters. The platform has gained support from prominent figures, including billionaire investor Peter Thiel. It uses USD Coin (USDC) for transactions and operates on the Polygon blockchain.

Singapore’s decision to ban Polymarket is part of a wider crackdown on unlicensed online gambling sites. As of December 31, the country’s Home Affairs Minister reported that more than 3,800 illegal gambling websites had been shut down, and over US$37 million (AU$60m) in illicit transactions had been blocked.

polymarket在坡正式定义为博彩网站，想下注只能去国营博彩公司哦，否则面临罚款和坐牢哦 pic.twitter.com/VdoozWAVgE

— alexzuo🫡 (@alexzuo4) January 12, 2025

Polymarket Faces Global Restrictions

Polymarket’s popularity surged during the presidential election, prompting other jurisdictions to examine its legality. On November 5, election day, the platform reached $294 million in daily trading volume.

Taiwan restricted access to the platform last year. According to the Liberty Times, the country also prosecuted a man who placed around $530 in bets on political elections. Polymarket has also been banned in other jurisdictions, including the United States and France. Its terms of service restrict users from countries like Bolivia, Venezuela, Iran, and others.

Coinbase Alerts Users About CFTC Subpoena Concerning Polymarket

On January 8, Coinbase notified users about a subpoena from the US Commodity Futures Trading Commission (CFTC) regarding Polymarket. Coinbase may have to provide user account data unless legal action is taken by January 15. In 2022, Polymarket settled with the CFTC for running an unregistered derivatives trading platform. The settlement included a $1.4 million fine and a cease-and-desist order. This led to the platform blocking US users.

Coinbase Says It Received Subpoena in CFTC’s Polymarket Inquiry: BBG

— Tree News (@News_Of_Alpha) January 10, 2025

The US Department of Justice has initiated its own investigation, claiming that Polymarket may have allowed trades from US users despite the settlement. As part of the probe, the Federal Bureau of Investigation (FBI) has searched the devices of CEO Shayne Coplan.