Cryptocurrency Platform BANNED For Unlicensed Gambling
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January 13, 2025 2:49 pm
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Singapore has banned crypto-based prediction market Polymarket as part of its effort to crack down on unlicensed gambling platforms.
Singaporean Polymarket users reported on January 12 that they were unable to access the site.
The Gaming Regulatory Authority (GRA) of Singapore has warned users that Polymarket is now illegal and anyone who attempts to use the site will be fined or face imprisonment for up to six months.
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Singapore labels Polymarket illegal gambling, restricts site accesshttps://t.co/9YTYIr0D3p
— DL News (@DLNewsInfo) January 12, 2025
Per Coin Market Cap:
Singapore has officially restricted access to the prediction marketplace Polymarket, a significant step in its ongoing effort to combat unlicensed online gambling. This move is part of a broader crackdown that has already seen over 3,800 gambling websites shut down since the beginning of the year.
Reports emerged on Jan. 12 when Singaporean users began experiencing difficulties accessing Polymarket.
A notice from the Gaming Regulatory Authority (GRA) of Singapore informed users that Polymarket is deemed illegal. The notice warns that individuals found in violation could face penalties including fines of up to $10,000, imprisonment for up to six months, or both.
Singapore is the latest jurisdiction to block access to @polymarket, following Taiwan and France. @thesamreynolds reports.https://t.co/mTFACXVyBd
— CoinDesk (@CoinDesk) January 13, 2025
Per Crypto.News:
Singapore has blocked crypto-based prediction market Polymarket as part of its ongoing crackdown on unlicensed gambling platforms. On Jan. 12, users reported being unable to access the site.
Alex Zuo, vice president of investment and custody at Cobo Global, shared on X that authorities officially classified Polymarket as a gambling site. Anyone placing bets must do so through a state-authorized operator to avoid fines or imprisonment, he added.
He posted a screenshot showing that Singapore’s Gambling Regulatory Authority warns users that Singapore Pools is the sole licensed gambling operator in the country.
Anyone caught gambling with unlicensed providers risks a fine of up to $10,000, up to 6 months in jail, or both.
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