Polymarket has been banned in Singapore, declared an illegal gambling site

Source Cryptopolitan

Singapore has officially banned Polymarket, labeling it an illegal gambling platform. The government’s decision came down on January 12, cutting off access to the crypto-based prediction market.

The platform, which allows users to bet on anything from elections to sports, has been accused of operating without the required license.

The warning references Section 20 of the Gambling Control Act, which threatens fines of up to $10,000 and jail time of six months for breaking the law.

Polymarket was launched in 2020, and it operates on the Polygon blockchain, letting users wager USDC (USD Coin) on the outcome of real-world events. It’s decentralized, fast, and popular among crypto enthusiasts who enjoy the thrill of betting without traditional bookies. But Singapore isn’t impressed.

Under the Gambling Control Act of 2022, any operator providing gambling services to Singaporeans needs a license. No exceptions. Enforcement initially fell under the Gambling Regulatory Authority (GRA), but the police are in charge now.

The global spotlight on Polymarket

Polymarket’s problems don’t stop in Singapore. The platform has been under fire across multiple jurisdictions, and regulators everywhere seem to have their eyes on it.

In the United States, it paid $1.4 million to settle charges with the Commodity Futures Trading Commission (CFTC) in 2022. The CFTC accused Polymarket of operating an unregistered derivatives trading platform, and as part of the settlement, the platform agreed to block U.S. users.

But regulators aren’t convinced Polymarket followed through. The FBI has been digging into the company, investigating whether trades from U.S. users continued after the settlement. CEO Shayne Coplan has reportedly had his devices searched, and the Department of Justice is involved in the investigation. Yeah, pretty serious.

France has also taken a hard stance. Last November, the country’s National Gaming Authority (ANJ) blocked Polymarket. French regulators flagged the platform after a massive bet was placed by a local user on the U.S. presidential election.

French gambling laws are strict: only specific types of betting and poker are allowed, and only through licensed operators. Polymarket didn’t fit the bill.

Despite all this regulatory heat, Polymarket is still pulling in serious cash. In early January 2025 alone, the platform saw $431 million in trading volume. Its biggest market during that period was the 2025 Super Bowl Championship, which attracted more than $15 million in bets.

Land a High-Paying Web3 Job in 90 Days: The Ultimate Roadmap

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Natural Gas sinks to pivotal level as China’s demand slumpsNatural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
Author  FXStreet
Jul 01, 2024
Natural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
placeholder
Five bullish Shiba Inu (SHIB) Price Predictions for April 2025SHIB price targets diverge as investors weigh Shibarium L3 upgrades, burn-rate surges, and altcoin market sentiment. Forecasts range from a conservative $0.000012 to a parabolic $0.00030.
Author  FXStreet
Apr 16, Wed
SHIB price targets diverge as investors weigh Shibarium L3 upgrades, burn-rate surges, and altcoin market sentiment. Forecasts range from a conservative $0.000012 to a parabolic $0.00030.
placeholder
Gold price slides back closer to $3,300 amid positive risk tone, modest USD uptickGold price (XAU/USD) trades with a negative bias for the second consecutive day, though it lacks bearish conviction and holds above the $3,300 mark during the Asian session on Wednesday.
Author  FXStreet
21 hours ago
Gold price (XAU/USD) trades with a negative bias for the second consecutive day, though it lacks bearish conviction and holds above the $3,300 mark during the Asian session on Wednesday.
placeholder
Gold extends consolidation ahead of key US data releasesGold price (XAU/USD) continues to trade in a narrow range around $3,300 on Wednesday as traders await key US economic data, which could become the catalyst for an imminent breakout. 
Author  FXStreet
19 hours ago
Gold price (XAU/USD) continues to trade in a narrow range around $3,300 on Wednesday as traders await key US economic data, which could become the catalyst for an imminent breakout. 
placeholder
Gold Price Forecast: XAU/USD attracts some sellers below $3,250 on firmer US DollarThe Gold price (XAU/USD) extends the decline to around $3,245 during the early Asian session on Thursday. The precious metal edges lower to near a two-week low amid easing US-China trade tensions and stronger US Dollar (USD) demand. 
Author  FXStreet
3 hours ago
The Gold price (XAU/USD) extends the decline to around $3,245 during the early Asian session on Thursday. The precious metal edges lower to near a two-week low amid easing US-China trade tensions and stronger US Dollar (USD) demand. 
goTop
quote