TLDR

• Singapore’s Gambling Regulatory Authority (GRA) has blocked access to Polymarket, declaring it an illegal gambling site with potential penalties of up to $10,000 or 6 months imprisonment
• Polymarket saw record trading volumes of $2.5 billion in October 2024, but data suggests 86% of traders have lost money on the platform
• The FBI raided CEO Shayne Coplan’s apartment in November 2024, while the CFTC recently subpoenaed Coinbase for user information related to Polymarket
• The platform blocked French users in November 2024 after a trader placed $45 million in bets on Donald Trump’s presidential victory
• Despite regulatory challenges, Polymarket’s user base grew to 349,500 monthly active users in December 2024, up from 293,700 in November

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The cryptocurrency prediction market platform Polymarket faces mounting pressure from regulators worldwide, with Singapore becoming the latest country to restrict access to the service. On January 12, 2025, Singapore’s Gambling Regulatory Authority (GRA) blocked the platform, labeling it an “illegal gambling site.”

Users in Singapore attempting to access Polymarket now receive a warning message from the GRA. The notice cites Section 20 of the country’s Gambling Control Act 2022, which states that individuals using unlicensed gambling services could face fines up to $10,000 or imprisonment for up to six months.

The block was first reported by Alex Zuo, vice president of investments and custody at Cobo, who shared a screenshot of the warning message on social media platform X. Technical testing has revealed that some users can still access the site through VPN services or if they’re not using major Singapore telecommunications providers.

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

This action by Singapore follows a series of regulatory challenges for Polymarket in other jurisdictions. In November 2024, the platform chose to exit the French market after a trader placed $45 million in bets across multiple accounts on Donald Trump’s presidential victory.

The same month, FBI agents conducted a raid on Polymarket CEO Shayne Coplan’s New York apartment. A company spokesperson described the raid as “political retribution,” though no further details were provided about the investigation’s nature.

More recently, the U.S. Commodity Futures Trading Commission (CFTC) served cryptocurrency exchange Coinbase with a subpoena, seeking information about customer activities related to Polymarket trading. This action suggests an ongoing investigation into the platform’s operations.

The platform’s trading volume reached remarkable levels in late 2024, with October seeing $2.5 billion in transactions. November continued this trend with over $1.2 billion in trading volume.

However, despite these high trading volumes, analysis indicates that 86% of traders on the platform have lost money. This statistic raises questions about the platform’s impact on retail traders and its role in the broader cryptocurrency ecosystem.

Polymarket’s relationship with regulators has been complicated since its inception. In January 2022, the platform paid a $1.4 million fine to the CFTC for operating unregistered markets and violating regulations. This settlement led to the platform blocking access to U.S. users.

The platform allows users to place bets on various events and cultural questions, operating as a decentralized prediction market. Its structure enables users to trade on the outcomes of real-world events, from political elections to cultural phenomena.

Despite the mounting regulatory pressures, Polymarket’s user base continues to grow. Data from Dune Analytics shows that the platform’s monthly active users increased from 293,700 in November to 349,500 in December 2024.

Some users can still access Polymarket through technical workarounds. Internal testing confirms that the platform’s front end remains accessible through VPN services routed through Singapore servers, though this might violate local regulations.

Neither the GRA nor Polymarket has issued official statements about the Singapore block. Both organizations have not responded to requests for comment about the situation.

The platform’s ability to handle large-scale betting on political outcomes has drawn particular attention from regulators. The $45 million in bets placed on the U.S. presidential election through French accounts highlighted the platform’s capacity to influence political betting markets.

Trading data shows continued activity on the platform despite these regulatory challenges, suggesting that users are finding ways to participate in prediction markets despite geographical restrictions.