Business
Polymarket Banned In Singapore Over Gambling Concerns
By Benjamin Abioye
Singapore has banned Polymarket, a popular blockchain-based betting platform, for violating the country’s Gambling Control Act. The move raises questions about global crypto regulation.
Polymarket, a popular blockchain-based betting platform, has been banned in Singapore, with the ban taking effect on January 12, 2025.
The move came after the country’s Gambling Regulatory Authority (GRA) labeled the platform as an “illegal gambling site,” issuing a stern warning to users trying to access it. The GRA emphasized that using the platform could result in severe consequences, including fines up to SGD 10,000 (about USD 7,300), imprisonment for up to six months, or both.
The ban is part of Singapore’s Gambling Control Act 2022, which requires gambling operators targeting Singaporean residents to obtain the proper licenses. Currently, Singapore Pools is the only licensed online gambling provider in the country, offering a limited selection of betting options. Polymarket’s type of event contracts, which helped it gain popularity, are not part of Singapore Pools’ offerings.
This is not Polymarket’s first encounter with regulatory challenges. In 2022, the U.S. imposed a $1.4 million settlement with Polymarket for operating as an unregistered derivatives trading platform, leading the company to cease operations in the U.S. and block American users. More recently, in November 2024, the FBI raided the home of Polymarket’s CEO, Shayne Coplan, as part of an ongoing investigation by the Department of Justice into the platform’s compliance with the settlement terms.
In addition to the U.S., Polymarket faced regulatory action in France, where the National Gambling Authority (ANJ) blocked access to the platform. This followed a high-profile case where a French user made over $40 million in profit by betting on the U.S. presidential election, drawing scrutiny for potential violations of local gambling laws.
The Singapore ban adds to a growing list of countries restricting Polymarket’s operations. Since 2015, Singapore has blocked more than 3,800 gambling websites and 145,000 transactions worth approximately SGD 37 million (USD 26.9 million). These actions underscore the potential tax revenue governments may lose by not regulating such markets. The situation also highlights the blurred line between prediction markets and gambling, posing challenges for both regulators and operators.
The rise in global regulatory scrutiny of cryptocurrency-based betting platforms raises critical questions about balancing economic benefits with social responsibility. While legalizing online gambling may increase tax revenue, it also risks encouraging irresponsible betting behavior, particularly among vulnerable populations. As regulatory bodies around the world continue to examine the future of platforms like Polymarket, the industry’s path forward remains uncertain.
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