Polymarket in Trouble as Thailand Seeks Ban
Thailand’s Bureau of Investigation into Technological Crimes revealed its decision on January 14 to block Polymarket, a global betting platform powered by cryptocurrency.
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At a press briefing in Bangkok, officials from Thailand’s Bureau shared their stance on Polymarket.
General Lieutenant Trierong emphasized that the platform’s crypto-based betting activities, spanning politics, sports, and entertainment, had raised red flags for the country’s cybercrime unit.
Presented as a prediction service, Polymarket conflicts with Thailand’s strict gambling prohibitions. The platform, already blocked in Taiwan, France, and Singapore, now faces the same fate in Thailand.
Officials at the event warned that sites like Polymarket frequently act as gateways for fraud, laundering schemes, and other illegal practices. Thailand’s cyber police, in cooperation with the International Security Agency, are developing a specialized monitoring system to safeguard against crypto-related criminal threats.
Shutting Polymarket is about more than curbing gambling,” declared General Lieutenant Trierong. “It’s a necessary measure to prevent the abuse of cryptocurrency in illegal activities that could damage both the nation’s economy and its societal well-being.
Thai cyber police reveal that Polymarket’s reliance on cryptocurrency for bets attracts a high volume of users while making it nearly impossible to track their identities. This anonymity has raised red flags with law enforcement and tax agencies.
Bureau representatives made it clear that fighting illegal online gambling and cracking down on the misuse of cryptocurrencies are vital to the government’s agenda. Upcoming months will see intensified global partnerships to better investigate these transnational crimes.
Explore further in: Polymarket: The Cryptocurrency Prediction Platform.
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