Singapore has taken action against Polymarket, a cryptocurrency-powered betting platform, by restricting access to the site due to its unlicensed status within the country.
Visitors attempting to access Polymarket now encounter a notice from the Gambling Regulatory Authority (GRA), categorizing the platform as an illegal gambling service. The warning emphasizes that participation in gambling on unlicensed platforms can lead to penalties, including hefty fines, imprisonment, or both.
This enforcement is grounded in the Gambling Control Act 2022, which requires all gambling operators catering to Singaporean residents to secure appropriate licenses to operate legally.
Currently, Singapore strictly regulates online gambling, allowing only state-sanctioned operators like Singapore Pools, the nation’s sole licensed provider, to offer such services.
Polymarket Faces Legal Challenges in Europe and the U.S
Polymarket, a platform renowned for its high-stakes prediction markets on events such as the U.S. presidential election, is facing mounting regulatory scrutiny across Europe and the United States.
In France, the Autorité Nationale des Jeux (ANJ), the country’s gambling authority, blocked access to the platform in November. French crypto news outlet The Big Whale reported that the ANJ views Polymarket as a form of unauthorized gambling. A source close to the regulator stated, “This is not legal in France,” as authorities evaluate its alignment with local gambling laws.
In the United States, Polymarket is under investigation by the Commodity Futures Trading Commission (CFTC), which has proposed stricter regulations for prediction markets. Adding to its troubles, Coinbase disclosed on Thursday that it received a subpoena from the CFTC requesting account information linked to Polymarket.
The platform’s legal standing continues to face challenges on multiple fronts, raising questions about its future operations.
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