{"id":26182,"date":"2025-01-13T14:47:27","date_gmt":"2025-01-13T14:47:27","guid":{"rendered":"https:\/\/www.bitrabo.com\/discover\/?p=26182"},"modified":"2025-01-13T14:47:27","modified_gmt":"2025-01-13T14:47:27","slug":"singapore-enforces-ban-on-crypto-prediction-market-polymarket","status":"publish","type":"post","link":"https:\/\/www.bitrabo.com\/discover\/singapore-enforces-ban-on-crypto-prediction-market-polymarket\/","title":{"rendered":"Singapore Enforces Ban on Crypto Prediction Market Polymarket"},"content":{"rendered":"\n

The regulatory authorities in Singapore have identified a US-based cryptocurrency prediction market as an illegal gambling entity, resulting in the site\u2019s ban.<\/p>\n

The crypto betting platform Polymarket is no longer accessible to users in Singapore, as it has been categorized as an \u201cunlicensed online gambling operator,\u201d<\/a> breaching the country\u2019s stringent gambling regulations.<\/p>\n

<\/span>Polymarket Faces Ban in Singapore<\/strong><\/span><\/h2>\n

On January 12, Singapore\u2019s Gambling Regulatory Authority enforced a ban<\/a> on the Polymarket site, cutting off user access to the crypto-based prediction market.<\/p>\n

\n\u201cPolymarket is now recognized as a gambling website in Singapore,\u201d stated Alex Zuo, Vice President of Investment and Custody at Cobo Global.\n<\/p><\/blockquote>\n

Analysts have characterized Polymarket<\/a> as a platform where users can wager on a variety of events including elections and sports. However, the Gambling Regulatory Authority deemed it an unlicensed gambling operation within Singapore.<\/p>\n

<\/p>\n

<\/span>Warnings for Users<\/strong><\/span><\/h2>\n

\n

\u201cYou attempted to access an illegal gambling site hosted by an unlicensed gambling service provider,\u201d warned the regulator in a notice displayed on the site.<\/p>\n

\n

Polymarket has been banned in Singapore, recognized as a gambling site<\/p>\n

The decentralized prediction platform Polymarket is reportedly blocked in Singapore for being classified as a gambling site, according to BeInCrypto. This was mentioned in a recent post by Alex Zuo.<\/p>\n

\u2014 CoinNess Global (@CoinnessGL) January 12, 2025<\/a><\/p>\n<\/blockquote>\n

Breach of Gambling Laws<\/strong><\/p>\n

The GRA stated that Polymarket is in violation of the Gambling Control Act 2022, which regulates unlawful gambling and authorized services outside casinos.<\/p>\n

According to the law, gambling operators wishing to provide services to residents of Singapore must acquire the necessary licenses from the appropriate authority.<\/p>\n

<\/p>\n

Currently, the only licensed online gambling operator in Singapore is the state-owned lottery, Singapore Pools.<\/p>\n

\n\u201cIf you wish to place a bet, it must be with a state-owned gambling entity; otherwise, you risk fines and jail sentences,\u201d Zuo said in his X post.\n<\/p><\/blockquote>\n

Consequences of Violation<\/strong><\/p>\n

Authorities have warned that accessing unlicensed gambling sites can lead to fines and imprisonment.<\/p>\n

\u201cAccording to Section 20 of the Gambling Control Act 2022, individuals convicted of betting with unlicensed providers may incur a fine up to $10,000 or face a prison term of no more than 6 months, or both,\u201d stated the GRA.<\/p>\n

Challenges for Polymarket<\/strong><\/p>\n

The ban on Polymarket in Singapore is not an isolated incident; the platform is also encountering barriers in other nations.<\/p>\n

In November of the previous year, France\u2019s National Gaming Authority flagged Polymarket, finding it non-compliant with the strict regulations governing gambling in the country.<\/p>\n

Additionally, the Commodity Futures Trading Commission in the United States has also labeled the platform as an \u201cunregistered derivatives trading platform.\u201d<\/p>\n

Featured image from Pexels, chart from TradingView<\/em><\/p>\n