Polymarket Access Blocked in Singapore Under Gambling Laws
Singapore has blocked access to Polymarket, the cryptocurrency-based prediction platform, due to concerns about unlicensed gambling.
Polymarket logo. Singapore blocks Polymarket for unlicensed gambling risks.
LISTEN TO THIS ARTICLE:The move aligns with the Gambling Control Act 2022, which imposes strict penalties for engaging with unauthorized operators.
Individuals in Singapore attempting to access the popular provider of novelty bets are now met with a notification referencing the Gambling Control Act. The notice warns of severe consequences for violations, including fines up to SGD 10,000, imprisonment for six months, or both.
The alert names Singapore Pools as the sole authorized provider of remote gambling services in the country. Issued by the Gambling Regulatory Authority (GRA), the notice is part of the agency’s responsibility for managing Singapore’s gambling landscape.
Operators found guilty of providing illegal gambling activities face significantly higher penalties. Offenders may be issued fines of up to SGD 500,000 and imprisoned for up to seven years. Repeat violations can lead to fines as high as SGD 700,000 and prison terms of up to ten years.
Polymarket’s History of Regulatory Challenges
Polymarket is no stranger to legal scrutiny, being banned in France for gambling violations. Additionally, in 2022, the Commodity Futures Trading Commission (CFTC) fined its parent company, Blockratize, $1.4 million for operating without proper registration. The platform was accused of offering off-exchange binary options contracts, prompting the CFTC to mandate the closure of non-compliant markets.
At the time, the CFTC revealed that Polymarket had hosted over 900 event-based binary options markets since its launch in 2020. These markets enabled users to trade on predictions about events such as cryptocurrency trends or election outcomes through blockchain-based smart contracts.
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Ongoing Debate About Decentralized Prediction Platforms
This latest move against Polymarket has reignited discussions about the classification and regulation of decentralized prediction platforms. Ethereum co-founder Vitalik Buterin addressed criticisms of these platforms in August 2024, speaking about their value in aggregating insights about significant events.
Buterin argued that prediction markets such as Polymarket provide unbiased, data-driven forecasts, distinguishing them from traditional media or social networks. He also believes that categorizing these platforms under gambling reflects a fundamental misunderstanding of their purpose and appeal.
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