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Thailand is one of the countries taking steps to potentially ban the prediction markets platform Polymarket. Authorities might classify it as an online gambling site, which would make it illegal under Thai law.
On Tuesday (Jan. 14), Thailand’s Cyber Crime Investigation Bureau held a press conference revealing that it had been investigating gambling sites that could be violating laws. It was found that these platforms were incorporating cryptocurrency as a medium for transactions. Pol. Lt. Gen. Trirong said that this development adds complexity and makes investigation and tracking more challenging.
The investigation found that Polymarket is considered an illegal online gambling website in the country, as the use of cryptocurrency for trading and betting violates the law. In a translated statement, they said it was important to take action to suspend the Polymarket website “to prevent the public from falling victim to online gambling and to stop the use of cryptocurrency in illegal activities, which could lead to severe economic and social impacts.”
Countries begin to ban Polymarket
Singapore’s Gambling Regulatory Authority blocked access to Polymarket back in December, stating that the platform was offering unlawful gambling, according to a spokesperson on Wednesday. Over the weekend, social media users shared that they were no longer able to access the site. Authorities in the prosperous Southeast Asian city-state also declared an unlicensed provider operated the site. One user based in the country stated that the website is an “illegal gambling website” that could face fines and imprisonment.
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
Betting on the US election sent demand on Polymarket through the roof in recent months, with nearly $5 billion in volume recorded during October and November. However, that buzz has died down, with volumes and open interest dropping sharply.
Meanwhile, regulatory pressure has been building, with restrictions in places like France and Taiwan, and an ongoing investigation by the US Commodity Futures Trading Commission (CTFC). Last week, ReadWrite reported that Coinbase also received a subpoena by the CFTC concerning investigating the decentralized prediction market.
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