Singapore bans blockchain-based platform Polymarket

SINGAPORE: Singapore has joined the United States, France, Taiwan, and other countries in restricting access to Polymarket, a blockchain-based platform that allows users to trade on the outcomes of real-world events, according to Forex Live.

Polymarket lets users share their opinions or predictions on topics like politics, sports, finance, and global events by trading shares based on the outcomes of specific questions.

Singapore Pools is the only authorised online gambling provider in Singapore.

Forex Live reported that the warning from Singapore’s Gaming Regulatory Authority (GRA) appeared on Polymarket’s homepage on X, informing users that the platform is illegal.

According to The Block, Singaporean users began experiencing issues accessing the site on Jan 12. Screenshots shared on X show a notice from GRA warning that Polymarket is considered illegal, with violators potentially facing an S$10,000 fine, six months in prison, or both.

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— alexzuo🫡 (@alexzuo4) January 12, 2025

This follows the country’s crackdown on unlicensed online gambling services, which has already led to the blocking of over 3,800 websites and S$37 million in blocked transactions as of Dec 31, 2024, as reported by The Straits Times.

The Block reported that other countries have also scrutinised Polymarket’s legality following its rise in popularity during the 2024 presidential election.

In the same year, Taiwan also restricted access to the platform.  According to the Liberty Times Net, it even prosecuted a man for placing bets on political outcomes.

Polymarket is also banned in France and the US, and its terms of service prevent users from countries like Bolivia, Venezuela, Iran, and more. /TISG