Singapore Blocks Access to Crypto Betting Platform Polymarket
The Singapore Gambling Regulatory Authority (GRA) has blocked access to Polymarket, a crypto betting platform. This action is part of a broader global effort to crack down on platforms offering unlicensed prediction markets, including those focused on political events.
On this page
Polymarket, a crypto platform allowing users to bet on the outcomes of political events, including U.S. elections, has long drawn attention for its innovative approach. However, the same model has invited accusations of unlicensed gambling and market manipulation.
For more insights into how Polymarket operates, read our article: “Polymarket: A Closer Look at the Crypto Betting Platform.”
Singapore’s GRA decided to block Polymarket after finding the platform in violation of local gambling laws. The company had failed to obtain the necessary licenses to operate in Singapore, leading regulators to label it an “unlawful gambling place” and restrict access.
The block in Singapore marks another regulatory setback for Polymarket, a betting platform that has already faced scrutiny from authorities in both France and the United States.
In November of last year, Polymarket exited the French market after a local trader placed a large bet on Donald Trump winning the presidential election. Meanwhile, in the U.S., the Commodity Futures Trading Commission (CFTC) has conducted multiple investigations into the platform, resulting in fines and ongoing regulatory challenges.
Despite these setbacks, Polymarket’s popularity shows no signs of waning. Data from Dune Analytics reveals a rise in active users on the platform in December, even in the wake of its recent troubles. This growth highlights a strong demand for platforms like Polymarket, despite the risks they pose to users.
The Singapore block also underscores the broader challenges regulators face when addressing decentralized crypto platforms. While these platforms provide innovative tools for prediction and risk hedging, they also present new regulatory hurdles. Authorities must strike a careful balance between fostering technological innovation and safeguarding consumer interests.
The content on The Coinomist is for informational purposes only and should not be interpreted as financial advice. While we strive to provide accurate and up-to-date information, we do not guarantee the accuracy, completeness, or reliability of any content. Neither we accept liability for any errors or omissions in the information provided or for any financial losses incurred as a result of relying on this information. Actions based on this content are at your own risk. Always do your own research and consult a professional. See our Terms, Privacy Policy, and Disclaimers for more details.
Articles by this author
