Singapore restricts access to Polymarket

Regulation

Singapore has restricted access to crypto prediction platform Polymarket as part of its efforts to combat illegal gambling.

On January 12, users in Singapore reported being unable to access the site, receiving warnings referencing the Gambling Control Act 2022.

The Gambling Regulatory Authority (GRA) issued the warning, stating, “You have attempted to access an illegal gambling site hosted by an unlicensed gambling service provider. Singapore Pools is the only licensed online gambling operator in Singapore.” Violators face fines of up to SG$10,000, imprisonment of up to six months, or both.

Polymarket operates on the Polygon blockchain, allowing users to wager on world events using USD Coin (USDC). However, Singapore law permits only state-owned operators like Singapore Pools to offer gambling services. Authorities blocked more than 3,800 gambling websites and intercepted transactions totaling SG$37 million ($27 million) since 2015, according to the GRA.

Polymarket, already under scrutiny in other jurisdictions, continues to face regulatory hurdles. Last week, Coinbase received a subpoena from the Commodity Futures Trading Commission (CFTC) as part of its investigation into Polymarket.

The notice informed customers that Coinbase “may be required” to provide user account data to the CFTC unless legally prevented by a motion to quash or another filing submitted by January 15, 2025.

November 2024, the FBI raided the home of Polymarket CEO Shayne Coplan amid concerns around the platform’s compliance with regulatory standards.

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