• Singapore bans Polymarket, labeling it an illegal gambling platform.
• Polymarket also faces bans in France, the U.S., and Taiwan.

Singapore has officially banned Polymarket, labeling it an illegal gambling platform. The restriction follows the country’s stringent Gambling Control Act 2022, prohibiting unauthorized online betting activities. 

Visitors to Polymarket’s site in Singapore now face a warning from the Gambling Regulatory Authority (GRA), stating potential penalties of up to $10,000, six months imprisonment, or both for engaging in unlicensed gambling.

Polymarket is a decentralized prediction platform, that allows users to place bets on real-world events using cryptocurrency. However, Singapore mandates that online gambling services must obtain proper licensing. 

Only state-run entities like Singapore Pools are authorized to provide online betting services. The restriction aligns with a national crackdown on illegal gambling sites, with over 3,800 platforms blocked and $37 million in transactions halted since the beginning of 2024.

Global Regulatory Challenges

Polymarket’s struggles extend beyond Singapore. In November 2023, France banned the platform after a trader placed $45 million in bets on Donald Trump’s presidential campaign. French regulators labeled the site a form of illegal betting, leading to its exit from the French market.

In the United States, Polymarket has faced scrutiny from the Commodity Futures Trading Commission (CFTC). The platform settled with the CFTC in 2022 for $1.4 million, agreeing to block U.S. users. Recently, the CFTC subpoenaed Coinbase for customer data linked to Polymarket transactions. The platform’s decentralized structure, built on Polygon, complicates regulatory efforts, leaving governments struggling to enforce compliance.

Singaporean users first reported restricted access on January 12. While some bypass restrictions using VPNs, the GRA warns against such actions. The lack of official responses from the GRA or Polymarket adds to user confusion.

Polymarket’s terms of service already prohibit users from countries like Bolivia, Iran, and Venezuela. Despite legal hurdles, Polymarket remains popular. The platform recorded 349,500 monthly active users in December 2024, up from 293,700 in November.

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