Outside Source
Singapore users claim that Polymarket was blocked, citing the Gambling Control Act 2022, which prohibits betting with unlicensed operators.
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Singapore has blocked access to Polymarket, a cryptocurrency-based prediction market, as part of a crackdown on unlicensed gambling platforms.
On Jan. 12, multiple users reported being unable to access Polymarket in Singapore.
Alex Zuo, Investment and Custody vice president at Cobo Global, posted on X:
“Polymarket is officially defined as a gambling website in Singapore. If you want to place a bet, you can only go to a state-owned gambling company. Otherwise, you will face fines and imprisonment”
Visitors attempting to access the site from Singapore receive a warning referencing Section 20 of the Gambling Control Act 2022. The act imposes fines of up to $10,000, jail terms of up to six months, or both, for gambling with unlicensed operators.
“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,” the warning from the Gambling Regulatory Authority (GRA) reads for Singaporean users.
Source: Alex Zuo
Established on Aug. 1, 2022, the GRA oversees all forms of gambling in Singapore. It was formed by reconstituting the Casino Regulatory Authority to create a single regulatory body capable of addressing evolving gambling products and services.
Polymarket operates on the Polygon blockchain, allowing users to bet on world events using USD Coin (USDC).
Related: US presidential race bets near $4B on election day
Tightened enforcement
On Jan. 1, the enforcement authority for illegal gambling moved from the GRA to the Singapore Police Force.
“Singapore Pools (Private) Limited is the only operator licensed by GRA to provide remote gambling services. Anyone who conducts unlawful gambling shall be liable on conviction to a fine of up to $500,000 and imprisonment of up to 7 years, and for repeat offenders, a fine of up to $700,000 and imprisonment of up to 10 years,” reads a statement on GRA website.
On Dec. 30, the GRA said in a Facebook post that since 2015, more than 3,800 gambling websites and 145,000 transactions amounting to SG$37 million ($27 million) have been blocked.
Notably, Singapore has solidified its position as a global leader in the blockchain and cryptocurrency industry, according to a December study by ApeX Protocol. The study notes that Singapore boasts 1,600 blockchain patents, 2,433 industry-related jobs, and 81 cryptocurrency exchanges.
Hong Kong ranked second in the study, with 890 blockchain patents, 1,163 related jobs, and 52 cryptocurrency exchanges.
In 2024, Singapore doubled its issuance of digital asset licenses, with the Monetary Authority of Singapore (MAS) granting 13 Major Payment Institution Licenses for crypto exchanges, more than twice the number issued in 2023, according to local reports.
Related: 3 crypto predictions going into 2025: SOL ETFs, AI trading, new threats
Polymarket’s legal hurdles
Polymarket has faced its share of regulatory hurdles.
On Jan. 8, Coinbase notified users that it had received a subpoena from the US Commodity Futures Trading Commission (CFTC) concerning Polymarket.
According to the notice, Coinbase may be required to provide user account data unless legal action is taken to block the request by Jan. 15.
In 2022, Polymarket settled with the CFTC for operating an unregistered derivatives trading platform. The settlement included a $1.4 million fine and a cease-and-desist order, which led to the platform blocking US customers.
In November 2024, the platform blocked French users following reports of an investigation by French authorities into its compliance with gambling laws.
Polymarket continues to see significant activity. Within the first few days of 2025, the platform has recorded $431 million in trading volume, with its largest market, the Super Bowl Championship 2025, attracting over $15 million in wagers since the start of the year, according to data from Dune Analytics.
Polymarket and the GRA did not respond to Cointelegraph’s request for comment at the time of publication.
This article first appeared at Cointelegraph.com News
