Singapore authorities block Polymarket, citing unlicensed gambling services
Singapore restricts Polymarket
Polymarket, a decentralized prediction market platform that allows users to bet on the outcomes of global events, has been classified as a gambling site by Singaporean authorities and subsequently blocked.
X user @alexzuo4 posted that when attempting to access the Polymarket website from Singapore, users encounter a warning stating that the platform is an unlicensed gambling service provider. The notice also indicates that users may face fines of up to $10,000 or imprisonment for up to six months for using the service.
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Success and platform restrictions
This incident has reignited discussions about the legal status of decentralized platforms. Launched in 2020, Polymarket enables users to place bets on real-world events using cryptocurrency. The platform, based in New York, has gained attention for its innovative approach to prediction markets. Despite its U.S. origins, the service is only accessible to users outside the United States due to regulatory restrictions.
In recent months, regulatory scrutiny of prediction platforms has intensified. In November 2024, France’s National Gambling Authority (ANJ) launched an investigation into Polymarket over suspicions that the platform may be violating French gambling laws. This move highlighted the increasing regulatory pressure on decentralized platforms operating in the prediction and betting space.
Regulatory challenges and DeFi implications
Polymarket's popularity surged in late 2024, with the platform processing a record $2.5 billion in bets in October alone. The spike in activity was largely driven by interest in the outcome of the U.S. elections, emphasizing the platform’s demand during major events.
The classification of Polymarket as a gambling platform in Singapore raises questions about the future of decentralized betting markets and their ability to operate within different legal frameworks. This incident also underscores the challenges decentralized finance (DeFi) platforms face in their efforts to comply with regulatory requirements on a global scale.
