Singapore’s gambling regulator has blocked access to Polymarket, a controversial crypto predictions platform, marking another hurdle for the platform amid increasing regulatory scrutiny. The Gambling Regulatory Authority (GRA) of Singapore has flagged Polymarket as an “illegal gambling site” operated by an unlicensed provider. Users in Singapore now face a warning message when attempting to access the platform, which has been particularly scrutinised for its handling of US election-related betting. Reports of the block began circulating on Sunday evening, with Alex Zuo, vice president of investments and custody for Cobo, sharing a screenshot of an official notice. The notice cites Section 20 of Singapore’s Gambling Control Act 2022, warning users that engaging with unlicensed gambling services could result in fines or imprisonment. While the GRA has not issued an official statement, the platform remains inaccessible to Singaporean users at the time of writing. In Singapore, users are required to use Singapore Pools, the state-owned lottery subsidiary, for legal online gambling. This new restriction comes as part of a broader crackdown on unlicensed online gambling, which has seen the shutdown of over 3,800 websites and the blocking of $37 million in transactions as of the end of 2024. Polymarket’s troubles across the globe Polymarket has encountered regulatory challenges not only in Singapore but also in several other countries, including France and the United States. In France, the National Gaming Authority (ANJ) initiated an investigation into Polymarket’s operations after a French user placed large bets on the 2024 US presidential election. French laws are stringent when it comes to online gambling, allowing only certain activities like sports betting and poker. As a result, the investigation centers around potential violations of these regulations. In the US, Polymarket has faced even more intense scrutiny. The Commodity Futures Trading Commission (CFTC) issued a subpoena to Coinbase, requesting information about user interactions with Polymarket. This follows a previous $1.4 million fine imposed on Polymarket for allegedly offering unregistered prediction markets. As part of the settlement, Polymarket agreed to cease operations for US users. Despite this settlement, the US Department of Justice has launched its own investigation into the platform, with allegations that Polymarket may have continued to accept trades from US users in violation of the agreement. Additionally, the FBI has conducted a search of devices owned by CEO Shayne Coplan as part of this ongoing investigation. Despite the regulatory challenges, Polymarket’s user base continues to grow, with the platform recording over 300,00 monthly active users in December 2024. This growth comes amid its increasingly complicated regulatory environment, including a high-profile FBI raid and an ongoing subpoena issued by the US Commodity Futures Trading Commission (CFTC). Polymarket’s fresh controversy Polymarket has come under fresh controversy for allowing users to place bets on the outcome of the deadly Los Angeles wildfires . One of the markets on the platform focused on how many acres the Palisades fire would burn by a specific deadline, drawing significant attention. The market had already accumulated more than $270,000 in trading volume after launching last week. Bettors were heavily focused on a more than 90% probability that the fire would burn between 20,000 and 25,000 acres. The post Singapore blocks access to crypto prediction platform Polymarket appeared first on Invezz
