Singapore has blocked entry to Polymarket, a cryptocurrency-based prediction market, as a part of a crackdown on unlicensed playing platforms.
On Jan. 12, a number of customers reported being unable to entry Polymarket in Singapore.
Alex Zuo, Funding and Custody vice chairman at Cobo World, posted on X:
“Polymarket is formally outlined as a playing web site in Singapore. If you wish to place a wager, you may solely go to a state-owned playing firm. In any other case, you’ll face fines and imprisonment”
Guests making an attempt to entry the positioning from Singapore obtain a warning referencing Part 20 of the Playing Management Act 2022. The act imposes fines of as much as $10,000, jail phrases of as much as six months, or each, for playing with unlicensed operators.
“You will have tried to entry an unlawful playing website hosted by an unlicensed playing service supplier. Singapore Swimming pools is the one licensed on-line playing operator in Singapore,” the warning from the Playing Regulatory Authority (GRA) reads for Singaporean customers.
Supply: Alex Zuo
Established on Aug. 1, 2022, the GRA oversees all types of playing in Singapore. It was fashioned by reconstituting the On line casino Regulatory Authority to create a single regulatory physique able to addressing evolving playing services and products.
Polymarket operates on the Polygon blockchain, permitting customers to wager on world occasions utilizing USD Coin (USDC).
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Tightened enforcement
On Jan. 1, the enforcement authority for unlawful playing moved from the GRA to the Singapore Police Power.
“Singapore Swimming pools (Personal) Restricted is the one operator licensed by GRA to supply distant playing companies. Anybody who conducts illegal playing shall be liable on conviction to a positive of as much as $500,000 and imprisonment of as much as 7 years, and for repeat offenders, a positive of as much as $700,000 and imprisonment of as much as 10 years,” reads a statement on GRA web site.
On Dec. 30, the GRA mentioned in a Fb post that since 2015, greater than 3,800 playing web sites and 145,000 transactions amounting to SG$37 million ($27 million) have been blocked.
Notably, Singapore has solidified its position as a worldwide chief within the blockchain and cryptocurrency {industry}, based on a December examine by ApeX Protocol. The examine notes that Singapore boasts 1,600 blockchain patents, 2,433 industry-related jobs, and 81 cryptocurrency exchanges.
Hong Kong ranked second within the examine, with 890 blockchain patents, 1,163 associated jobs, and 52 cryptocurrency exchanges.
In 2024, Singapore doubled its issuance of digital asset licenses, with the Financial Authority of Singapore (MAS) granting 13 Main Cost Establishment Licenses for crypto exchanges, greater than twice the quantity issued in 2023, based on native reviews.
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Polymarket’s authorized hurdles
Polymarket has confronted its share of regulatory hurdles.
On Jan. 8, Coinbase notified users that it had obtained a subpoena from the US Commodity Futures Buying and selling Fee (CFTC) regarding Polymarket.
In line with the discover, Coinbase could also be required to supply person account knowledge except authorized motion is taken to dam the request by Jan. 15.
In 2022, Polymarket settled with the CFTC for working an unregistered derivatives buying and selling platform. The settlement included a $1.4 million positive and a cease-and-desist order, which led to the platform blocking US prospects.
In November 2024, the platform blocked French customers following reviews of an investigation by French authorities into its compliance with playing legal guidelines.
Polymarket continues to see important exercise. Throughout the first few days of 2025, the platform has recorded $431 million in buying and selling quantity, with its largest market, the Tremendous Bowl Championship 2025, attracting over $15 million in wagers for the reason that begin of the 12 months, according to knowledge from Dune Analytics.
Polymarket and the GRA didn’t reply to Cointelegraph’s request for remark on the time of publication.
