Key Takeaways:
- Singapore has blocked Polymarket, citing violations of its strict Gambling Control Act.
- The platform, classified as illegal gambling, faces penalties, including fines and imprisonment for violators.
- This action reflects Singapore’s broader caution toward unregulated decentralized finance platforms globally.
The Gambling Regulatory Authority of Singapore has ordered internet service providers to block access to Polymarket, a decentralized prediction market platform, citing concerns over unlicensed gambling activities.
This recent decision aligns with Singapore’s stringent gambling regulations, which aim to protect consumers from potential harm. Accordingly, the ban on Polymarket’s website and services is already in effect, limiting Singapore-based users’ access to the platform.
In a January 12 post on X, Cobo Global [crypto custodian service provider] executive, Alex Zuo, shared a screenshot showing inability to access Polymarket’s site due to the ban by the regulator.
“Polymarket is officially defined as a gambling website [illegal] in Singapore. If you want to place a bet, you can only go to a state-owned gambling company, otherwise you will face fines and imprisonment,” said Alex Zuo in the post.
Polymarket: Singapore GRA Enforcement and User Impact
Alex Zuo’s post reflects Singapore’s cautious stance on decentralized platforms operating outside traditional regulatory frameworks.
Polymarket allows users to place bets on future outcomes, such as election results or market trends, using cryptocurrency. However, the Singaporean regulator classified the platform’s operations as unlicensed gambling, in violation of the country’s Gambling Control Act.
Hence, accessing Polymarket in Singapore can lead to legal repercussions, including fines of up to $10,000, imprisonment for up to 6 months, or both. Meanwhile, individuals in Singapore will be unable to access Polymarket directly and authorities will actively monitor and block access to its site within Singapore.
The screenshot also provided contact information about the National Council on Problem Gambling Helpline for those who need assistance with gambling issues.
Polymarket has not released an official statement regarding Singapore’s action. The platform previously faced similar regulatory scrutiny in the United States, where the Commodity Futures Trading Commission (CFTC) fined it $1.4 million in 2022 for offering unregistered binary options contracts.
Singapore’s move comes amid a global debate on regulating decentralized finance (DeFi) platforms and prediction markets, which often operate across jurisdictions.
