Polymarket Deemed Illegal Gambling by Singapore

Singapore has officially blocked Polymarket, a crypto-based betting platform, citing its unlicensed status in the country. Visitors to the site are now greeted with a warning from the Gambling Regulatory Authority, labeling it an illegal gambling operation. This move comes amid increasing scrutiny for Polymarket, which faces a ban in France and a CFTC subpoena in the United States.

Singapore has joined France in cracking down on Polymarket, a crypto-based prediction market platform. The city-state has officially blocked access to Polymarket, labeling it an illegal gambling operation. This move aligns with Singapore’s Gambling Control Act 2022, which mandates that all gambling operators targeting residents must obtain proper licensing.

The notice warns that engaging in gambling activities on unlicensed platforms can carry severe consequences, including fines and potential imprisonment. Singapore currently maintains a strict online gambling regime, with Singapore Pools being the sole licensed operator.

Polymarket, known for its high-stakes prediction markets on events like US elections, has faced increasing regulatory scrutiny globally. In November, the French gambling regulator, the Autorité Nationale des Jeux (ANJ), blocked access to the platform within French borders. According to The Big Whale, a prominent French crypto news outlet, the ANJ considers Polymarket’s activities to constitute illegal betting.

This coordinated action against Polymarket highlights the growing international concern over the regulatory landscape of crypto-based gambling platforms.

Polymarket, the controversial crypto-based prediction market, continues to face regulatory headwinds on multiple fronts. In France, a source close to the regulator bluntly stated, “This is not legal,” as officials scrutinize the platform’s compliance with local gambling laws.

Meanwhile, across the Atlantic, the Commodity Futures Trading Commission (CFTC) is intensifying its scrutiny of Polymarket. The CFTC, which has proposed stricter rules for prediction markets, recently issued a subpoena to Coinbase, demanding account information related to Polymarket users. This move underscores the growing regulatory pressure on the platform as it navigates a complex and evolving legal landscape.

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