Singapore blocks Polymarket, calls it an “unlawful playing website”

• Singapore’s regulator mentioned Singapore Swimming pools is the one licensed playing operator within the nation
• Anybody who makes use of an unlicensed playing service is liable to face a tremendous of as much as $10,000, six months in jail, or each
• Different international locations which have restricted entry to Polymarket embody France, Taiwan, and the US

Singapore’s playing regulator has banned prediction market Polymarket, defining it as an “unlawful playing website.”

Alex Zuo, Cobo’s vp of funding and custody, posted a screenshot on X on Sunday displaying a discover from Singapore’s Gaming Regulatory Authority (GRA). The GRA warned customers that Singapore Swimming pools is the one licensed playing operator within the nation and that Polymarket is taken into account unlawful, including:

“Beneath Part 20 of the Playing Management Act 2022, an individual convicted of playing with unlicensed playing service suppliers is accountable for a tremendous of as much as $10,000, or a jail time period of as much as six months, or each.”

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

Nations limiting Polymarket

Singapore is the newest nation to take motion to limit entry to Polymarket. In August, Polymarket was scrutinised as US lawmakers intensified efforts to ban playing in American elections.

In November, Polymarket confronted regulatory motion in France after an nameless dealer, netted almost $50 million wagering on Donald Trump’s victory within the US presidential election. French authorities, significantly the Autorité Nationale des Jeux (ANJ), blocked the platform after breaching native playing legal guidelines.

Deciding to take motion, Polymarket opted to dam France-based customers on the finish of November. France was a significant marketplace for the platform after it blocked US customers underneath a 2022 settlement with the Commodity Futures Buying and selling Fee.

Additionally in November, the FBI seized CEO Shane Coplan’s cellphone and electronics after raiding his residence. In response to a report within the New York Submit, unnamed sources mentioned: “The federal government is probably going making an attempt to accuse Polymarket of market manipulation and rigging its polls in favor of Trump.”

Taiwan additionally restricted entry to Polymarket in 2024.