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Singapore bans Polymarket declaring it an illegal gambling platform
Singapore's Gambling Regulatory Authority has banned the cryptocurrency-based prediction platform Polymarket, classifying it as an unlicensed gambling site. Users attempting to access the platform received warnings, with potential fines of up to $10,000 or imprisonment for violations under the Gambling Control Act 2022. This action follows similar restrictions faced by Polymarket in France and the U.S. due to regulatory non-compliance.
Singapore blocks Polymarket access over unlicensed gambling regulations
Singapore has blocked access to Polymarket, a cryptocurrency-based prediction market, due to concerns over unlicensed gambling. Users attempting to access the site receive warnings about potential fines and imprisonment for engaging with unlicensed operators, as only state-owned Singapore Pools is authorized for online gambling. The Gambling Regulatory Authority has intensified enforcement, with significant penalties for unlawful gambling activities.
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