Singapore Blocks Polymarket: Calls It an “Illegal Gambling Site”

• Singapore’s regulator said Singapore Pools is the only licensed gambling operator in the country
• Anyone who uses an unlicensed gambling service is liable to face a fine of up to $10,000, six months in jail, or both
• Other countries that have restricted access to Polymarket include France, Taiwan, and the US

Singapore’s gambling regulator has banned prediction marketplace Polymarket, defining it as an “illegal gambling site.”

Alex Zuo, Cobo’s vice president of investment and custody, posted a screenshot on X on Sunday showing a notice from Singapore’s Gaming Regulatory Authority (GRA). The GRA warned users that Singapore Pools is the only licensed gambling operator in the country and that Polymarket is considered illegal, adding:

“Under Section 20 of the Gambling Control Act 2022, a person convicted of gambling with unlicensed gambling service providers is liable for a fine of up to $10,000, or a jail term of up to six months, or both.”

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

Countries restricting Polymarket

Singapore is the latest country to take action to restrict access to Polymarket. In August, Polymarket was scrutinised as US lawmakers intensified efforts to ban gambling in American elections.

In November, Polymarket faced regulatory action in France after an anonymous trader, netted nearly $50 million wagering on Donald Trump’s victory in the US presidential election. French authorities, particularly the Autorité Nationale des Jeux (ANJ), blocked the platform after breaching local gambling laws.

Deciding to take action, Polymarket opted to block France-based users at the end of November. France was a major market for the platform after it blocked US users under a 2022 settlement with the Commodity Futures Trading Commission.

Also in November, the FBI seized CEO Shane Coplan’s phone and electronics after raiding his home. According to a report in the New York Post, unnamed sources said: “The government is likely trying to accuse Polymarket of market manipulation and rigging its polls in favor of Trump.”

Taiwan also restricted access to Polymarket in 2024.

The post Singapore blocks Polymarket, calls it an “illegal gambling site” appeared first on CoinJournal.

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