Polymarket, a blockchain-based prediction platform, has been officially banned in Singapore as the country enforces strict gambling laws. The ban, effective January 12, 2025, follows an increasing global push to curb unlicensed online betting platforms, positioning Singapore as the latest jurisdiction to block access to the controversial crypto-based marketplace.

Singapore follows the global trend of Polymarket bans:

The Singaporean government’s decision to block Polymarket is part of a broader, ongoing crackdown on unlicensed gambling. The Gambling Regulatory Authority(GRA) of Singapore now identifies Polymarket as an illegal gambling site, adding the platform to a growing list of regions where access has been restricted. Other nations such as the United States, France, and Taiwan have already taken similar actions against Polymarket, citing its unregistered status and concerns over its operation as a gambling service without appropriate licensing.

Since its launch, Polymarket has allowed users to place bets on a variety of real-world events, ranging from political elections to natural disasters. The platform gained significant popularity during events like the U.S. presidential elections, with some users betting large sums on outcomes such as the number of tweets from figures like Elon Musk. However, its decentralized nature, combined with the unpredictability of cryptocurrency markets, has led regulators to scrutinize the platform closely.

In Singapore, users attempting to access Polymarket now receive a warning from the GRA. The notice clearly states that betting on the platform is illegal and carries serious consequences, including fines up to US$10,000, six months in jail, or both. This strong stance aligns with Singapore’s gambling laws, which permit online gambling only through state-licensed platforms such as Singapore Pools, the country’s government-sanctioned provider. Polymarket’s lack of such a license means it does not comply with local regulations, resulting in the ban.

In addition to Polymarket’s ban, Singapore has ramped up its enforcement against illegal online gambling. As of January 1, 2025, the Singapore Police Force (SPF) has taken over the responsibility for blocking access to unlicensed remote gambling services, previously handled by the GRA. The SPF is now also tasked with monitoring the advertising of such services and blocking payments related to unlawful gambling transactions. The shift in regulatory oversight signals a more aggressive approach to tackling unauthorized gambling operations.

As Crypto News Australia reports, the Singaporean government has already made significant strides in this area. In 2024, the authorities took down over 3,800 illegal gambling sites and blocked transactions amounting to over US$37 million. Under these intensified efforts, operators of illegal gambling platforms face severe penalties. Those found guilty could face fines up to S$500,000 (approximately US$370,000) and imprisonment for up to seven years, with repeat offenders facing even harsher penalties.

The future of polymarket: a platform under siege:

Polymarket’s legal troubles extend beyond Singapore. According to CCN.com, in the U.S., the platform has faced continuous scrutiny from regulators, including a significant fine from the Commodity Futures Trading Commission (CFTC) in 2022. Polymarket was forced to cease operations for U.S. users as part of a settlement agreement with the CFTC, though its platform still attracted attention during major political events. The company’s CEO, Shayne Coplan, has been under investigation, with the FBI even raiding his home in connection to an ongoing probe into the platform’s activities.

Polymarket has also faced regulatory hurdles in France and Taiwan, where its operations have been questioned under national gambling laws. In France, the National Gaming Authority (ANJ) launched an investigation after Polymarket users placed significant bets on the U.S. elections. Similarly, Taiwan, despite being a crypto-friendly region, banned the platform earlier in 2023 for similar reasons.

Despite these challenges, Polymarket remains a popular platform for crypto enthusiasts who engage in betting on a wide range of subjects. Its ability to harness blockchain technology to create decentralized prediction markets has attracted high-profile figures like billionaire investor Peter Thiel. However, as it faces regulatory battles on multiple fronts, the future of Polymarket is uncertain. Its ability to comply with evolving laws in various jurisdictions will likely determine whether it can continue to operate or find a path to legitimacy.