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 vp at Cobo World, posted on X:
“Polymarket is formally outlined as a playing web site in Singapore. If you wish to place a guess, you’ll be able to solely go to a state-owned playing firm. In any other case, you’ll face fines and imprisonment.”
Guests trying 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 Singapore {dollars}, jail phrases of as much as six months, or each, for playing with unlicensed operators.
“You’ve gotten tried to entry an unlawful playing web site hosted by an unlicensed playing service supplier. Singapore Swimming pools is the one licensed on-line playing operator in Singapore,” reads the warning from the Playing Regulatory Authority (GRA).
Supply: Alex Zuo
Established on Aug. 1, 2022, the GRA oversees all types of playing in Singapore. It was shaped by reconstituting the On line casino Regulatory Authority to create a single regulatory physique able to addressing evolving playing services.
Polymarket operates on the Polygon blockchain, permitting customers to guess 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 Pressure.
“Singapore Swimming pools (Non-public) 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 effective of as much as $500,000 and imprisonment of as much as 7 years, and for repeat offenders, a effective of as much as $700,000 and imprisonment of as much as 10 years,” according to a press release on the 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}, in line with a December research by ApeX Protocol. The research notes that Singapore boasts 1,600 blockchain patents, 2,433 industry-related jobs and 81 cryptocurrency exchanges.
Hong Kong ranked second within the research, 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 granting 13 main fee establishment licenses for crypto exchanges — greater than twice the quantity issued in 2023 — in line with 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 acquired a subpoena from the US Commodity Futures Buying and selling Fee (CFTC) regarding Polymarket.
In accordance with the discover, Coinbase could also be required to supply consumer account knowledge until 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 effective and a cease-and-desist order, which led to the platform blocking US clients.
In November 2024, the platform blocked French users following reviews of an investigation by French authorities into its compliance with playing legal guidelines.
Polymarket continues to see important exercise. Inside 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 because the begin of the yr, according to knowledge from Dune Analytics.
Polymarket and the GRA didn’t reply to Cointelegraph’s request for remark on the time of publication.
