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.
polymarket在坡正式定义为博彩网站,想下注只能去国营博彩公司哦,否则面临罚款和坐牢哦 pic.twitter.com/VdoozWAVgE
— alexzuo🫡 (@alexzuo4) January 12, 2025
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