POLYMARKET BLOCKED IN SINGAPORE OVER UNLICENSED STATUS: REPORT

- Singapore’s Gambling Regulatory Authority (GRA) reportedly blocked access to Polymarket, a popular crypto prediction platform, labeling it an unlicensed gambling site.

- This is in accordance with the country's strict stance on unregulated betting under the Gambling Control Act of 2022.

Key Highlights:

- The GRA has reiterated that all betting activities must occur through state-authorized operators to ensure regulatory compliance and consumer protection.

- Per reports, Singapore users attempting to access Polymarket are met with warnings highlighting its illegal status. 

- The warnings cite potential penalties for engaging with unlicensed gambling platforms, including fines of up to $10,000, six months of imprisonment, or both.

- While the GRA’s restrictions are in place, some users have reported accessing Polymarket through VPNs. However, such methods may still expose users to legal risks under Singapore’s gambling laws.

- This action follows a series of global regulatory challenges for Polymarket:

1. In France, the platform exited the market in late 2023 after traders placed $45 million in bets on U.S. election outcomes.

2. In the United States, Polymarket settled with the Commodity Futures Trading Commission (CFTC) in 2022 for $1.4 million over offering unregistered derivatives.

- Despite regulatory hurdles, Polymarket’s user base continues to expand. Data from Dune Analytics reveals the platform reached 349,500 monthly active users in December 2024, a rise from 293,700 in November.

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