Home Thailand moves to ban Polymarket over illegal online gambling concerns

Thailand moves to ban Polymarket over illegal online gambling concerns

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.

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.

Featured image: Canva

About ReadWrite’s Editorial Process

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.

Suswati Basu
Tech journalist

Suswati Basu is a multilingual, award-winning editor and the founder of the intersectional literature channel, How To Be Books. She was shortlisted for the Guardian Mary Stott Prize and longlisted for the Guardian International Development Journalism Award. With 18 years of experience in the media industry, Suswati has held significant roles such as head of audience and deputy editor for NationalWorld news, digital editor for Channel 4 News and ITV News. She has also contributed to the Guardian and received training at the BBC As an audience, trends, and SEO specialist, she has participated in panel events alongside Google. Her…

Get the biggest tech headlines of the day delivered to your inbox

    By signing up, you agree to our Terms and Privacy Policy. Unsubscribe anytime.

    Tech News

    Explore the latest in tech with our Tech News. We cut through the noise for concise, relevant updates, keeping you informed about the rapidly evolving tech landscape with curated content that separates signal from noise.

    In-Depth Tech Stories

    Explore tech impact in In-Depth Stories. Narrative data journalism offers comprehensive analyses, revealing stories behind data. Understand industry trends for a deeper perspective on tech's intricate relationships with society.

    Expert Reviews

    Empower decisions with Expert Reviews, merging industry expertise and insightful analysis. Delve into tech intricacies, get the best deals, and stay ahead with our trustworthy guide to navigating the ever-changing tech market.