Polymarket Blocked in Singapore Amid Global Gambling Crackdown

Polymarket, a blockchain-based prediction platform, has been blocked in Singapore, where it has been classified as an unlicensed gambling site. This decision aligns with Singapore’s strict gambling laws, which allow betting only through state-approved operators. The ban adds to Polymarket’s growing list of regulatory challenges in the United States and France.

On January 12, Alex Zuo, Vice President of Investment and Custody at Cobo Global, announced on X (formerly Twitter) that Singapore officially labeled Polymarket as a gambling site. As a result, access to the platform has been restricted. According to Zuo, Singaporean law requires individuals to place bets exclusively through state-sanctioned gambling operators. Noncompliance could lead to fines of up to $10,000, six months in jail, or both. Screenshots shared by Zuo revealed warnings shown to Singapore-based visitors attempting to access Polymarket, urging them to avoid unlicensed gambling services.

Polymarket, launched in 2020, enables users to bet on real-world events, such as elections and natural disasters. Its innovative use of blockchain technology to aggregate public opinion and real-time data has garnered attention from prominent investors, including billionaire Peter Thiel.

Regulatory hurdles are not new for Polymarket. In France, the National Gaming Authority (ANJ) launched an investigation into the platform after a French user placed significant bets on the 2024 US presidential election. French law strictly regulates online gambling, limiting it to specific sports betting and poker activities.

In the United States, Polymarket’s troubles are more severe. The Commodity Futures Trading Commission (CFTC) recently issued a subpoena to Coinbase, requesting information about user interactions with Polymarket. Previously, the CFTC fined the platform $1.4 million for allegedly operating unregistered prediction markets. As part of the settlement, Polymarket agreed to stop serving US-based users.

Despite these measures, the platform remains under scrutiny in the US. The Department of Justice (DOJ) has initiated its own investigation, claiming Polymarket may have violated the settlement agreement by accepting trades from US users. Additionally, the FBI has searched devices belonging to CEO Shayne Coplan as part of the ongoing inquiry.

Polymarket’s innovative approach has attracted global interest, but its regulatory challenges highlight the complexities of operating in jurisdictions with strict gambling and financial laws. In Singapore, users attempting to access Polymarket face clear warnings and strict penalties, reflecting the government’s strong stance on unlicensed gambling. Meanwhile, the platform continues to navigate similar obstacles in other parts of the world.