Home Singapore becomes latest nation to take action against Polymarket

Singapore becomes latest nation to take action against Polymarket

Singapore is the latest country to shut down access to the blockchain-based prediction platform Polymarket after its government declared it was an illicit, unregulated outlet. 

The authorities in the prosperous Southeast Asian city-state also declared an unlicensed provider operated the site, as it joins the likes of the United States and France to ban access to Polymarket. 

The crypto betting site flourished in the run-up to the U.S. presidential election last year, but data showed it continued to perform well in the following weeks, dispelling predictions of a post-election cycle slump. 

As reported by Crypto News, Polymarket’s eccentric and uncensored nature is evidenced by bettors able to place wagers on how many acres will be destroyed by the LA wildfires or how many times Elon Musk will post on X in the space of a week.

While it has continued to attract users with ways and means to access the platform, this latest setback in Singapore is another blow to the reputation of the alternative betting market. 

Crypto exchange platform Coinbase also received a subpoena by the U.S. Commodity Futures Trading Commission (CFTC) this week, regarding an investigation into Polymarket.

Wider salvo against unlicensed gambling operators

Users in the country first reported issues accessing the site on Sunday (Jan 12), with a pop-up message shared on X displaying a stern warning from the Gambling Regulatory Authority (GRA)

It advised users that betting on the site was now illegal and any further activity could risk fines of up to $10,000, six months in prison, or both. 

The crackdown comes as part of a wider salvo against unlicensed websites with the country’s Home Affairs Minister referring to the shutdown of access to 3800 platforms. 

The government oversees an effective gatekeeping of gambling activity, facilitated via the state-owned Singapore Pools subsidiary. 

As part of the new strongarm approach to regulating the gambling sector, responsibility has shifted from the GRA to the Singaporean Police Force as of January 1, this year.

A notice was posted on the Authority’s website to detail the change in policy, including the stiff penalties while encouraging the public to report any transgressions: 

“If you encounter any unlawful remote gambling websites or applications, or advertisements or promotion of remote gambling services, you may report to SPF via I-Witness.”

Image credit: Via Unsplash

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The ReadWrite Editorial policy involves closely monitoring the tech, gambling and blockchain industries for major developments, new product and brand launches, AI breakthroughs, game releases and other newsworthy events. Editors assign relevant stories to in-house staff writers with expertise in each particular topic area. Before publication, articles go through a rigorous round of editing for accuracy, clarity, and to ensure adherence to ReadWrite's style guidelines.

Graeme Hanna
Tech Journalist

Graeme Hanna is a full-time, freelance writer with significant experience in online news as well as content writing. Since January 2021, he has contributed as a football and news writer for several mainstream UK titles including The Glasgow Times, Rangers Review, Manchester Evening News, MyLondon, Give Me Sport, and the Belfast News Letter. Graeme has worked across several briefs including news and feature writing in addition to other significant work experience in professional services. Now a contributing news writer at ReadWrite.com, he is involved with pitching relevant content for publication as well as writing engaging tech news stories.

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