Polymarket Reportedly Blocked in Singapore, Escalating Global Regulatory Challenges

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In simple terms, Polymarket – a platform that uses blockchain for predictions – appears to have been prohibited in Singapore as the officials consider it a form of gambling.

This event represents another substantial hurdle for the system, as it’s currently facing intense examination by U.S. regulators.

Why Did Singapore Block Polymarket?

On January 12th, Alex Zuo, Vice President of Investment and Safekeeping at Cobo Global, announced on X (previously known as Twitter), that Singapore has legally categorized Polymarket as a gambling platform. As a result, there are limitations on access to this platform within the country.

Zou emphasized that in Singapore, betting activities should be conducted exclusively via authorized state gambling operators. Failure to abide by this rule may result in penalties such as fines or jail time.

As a researcher, I’d like to clarify that Polymarket, by official standards in Singapore, operates as a gambling platform. It’s essential to note that if one wishes to engage in betting activities, they must do so through a state-owned gambling company. Any alternative actions could potentially lead to penalties including fines and imprisonment, as stated by Zuo.

In Singapore, screenshots were posted by Zuo indicating that those attempting to reach Polymarket encounter warnings. The authorities have advised users to steer clear of unauthorized gambling platforms, with potential consequences including fines amounting to $10,000, imprisonment for six months, or both.

Launched in 2020, Polymarket stands out with its innovative method for gathering public sentiment and live data. This platform enables users to place bets on the outcomes of ongoing events, ranging from elections and weather events to other significant happenings. Notably, it has garnered support from influential investors like Peter Thiel.

Broader Regulatory Pressure

Polymarket’s difficulties aren’t only present in Singapore. In fact, it has encountered substantial regulatory scrutiny in other regions, such as France and the U.S. as well.

In France, the National Gaming Authority (ANJ) is currently examining Polymarket’s business practices. This examination was initiated following a French citizen placing significant wagers on the 2024 US presidential election, an event that French law tightly controls in online gambling, allowing only specific sports betting and poker activities.

As a data analyst, I’ve noticed a significant increase in attention towards Polymarket within the United States. Notably, the Commodity Futures Trading Commission (CFTC) has issued a subpoena to Coinbase, requesting details about user interactions with Polymarket. This suggests that the regulatory gaze is becoming more intense on these platforms.

As an analyst, I’m reporting that I recently faced a $1.4 million penalty from the Commodity Futures Trading Commission (CFTC) due to allegations of operating unregistered prediction markets. In response to this situation, Polymarket and I have decided, as part of a settlement agreement, to temporarily halt our services for users based in the United States.

Despite a previous settlement agreement, the U.S. Department of Justice is now probing Polymarket for potentially accepting trades from American users. In this investigation, the FBI has seized and examined the electronic devices belonging to the company’s CEO, Shayne Coplan.

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2025-01-12 15:56