Polymarket has been banned in Singapore, declared an illegal gambling site

Singapore has officially banned Polymarket, labeling it an illegal gambling platform. The government’s decision came down on January 12, cutting off access to the crypto-based prediction market. The platform, which allows users to bet on anything from elections to sports, has been accused of operating without the required license. The warning references Section 20 of the Gambling Control Act, which threatens fines of up to $10,000 and jail time of six months for breaking the law. Polymarket was launched in 2020, and it operates on the Polygon blockchain, letting users wager USDC (USD Coin) on the outcome of real-world events. It’s decentralized, fast, and popular among crypto enthusiasts who enjoy the thrill of betting without traditional bookies. But Singapore isn’t impressed. Under the Gambling Control Act of 2022, any operator providing gambling services to Singaporeans needs a license. No exceptions. Enforcement initially fell under the Gambling Regulatory Authority (GRA), but the police are in charge now. The global spotlight on Polymarket Polymarket’s problems don’t stop in Singapore. The platform has been under fire across multiple jurisdictions, and regulators everywhere seem to have their eyes on it. In the United States, it paid $1.4 million to settle charges with the Commodity Futures Trading Commission (CFTC) in 2022. The CFTC accused Polymarket of operating an unregistered derivatives trading platform, and as part of the settlement, the platform agreed to block U.S. users. But regulators aren’t convinced Polymarket followed through. The FBI has been digging into the company, investigating whether trades from U.S. users continued after the settlement. CEO Shayne Coplan has reportedly had his devices searched, and the Department of Justice is involved in the investigation. Yeah, pretty serious. France has also taken a hard stance. Last November, the country’s National Gaming Authority (ANJ) blocked Polymarket. French regulators flagged the platform after a massive bet was placed by a local user on the U.S. presidential election. French gambling laws are strict: only specific types of betting and poker are allowed, and only through licensed operators. Polymarket didn’t fit the bill. Despite all this regulatory heat, Polymarket is still pulling in serious cash. In early January 2025 alone, the platform saw $431 million in trading volume. Its biggest market during that period was the 2025 Super Bowl Championship, which attracted more than $15 million in bets. Land a High-Paying Web3 Job in 90 Days: The Ultimate Roadmap