Singapore Expands Crackdown on Online Gambling: Polymarket Banned Amid New Regulatory Measures
Singapore has limited its domestic access to the prediction marketplace Polymarket as a consequence of the rising number of undesirable or illegal activities of unlicensed online gambling. The market has witnessed more than 3800 websites being shuttered this year.
Singapore has emerged as the latest international jurisdiction joining France, Taiwan, the US, and others, to become restricted as illegal activities and violators becoming a common phenomenon in the country.
Key Reasons Behind the Crackdown
Polymarket, a popular crypto-based prediction market has become the latest target in the Singaporean government’s crackdown, in an attempt to curb unregulated and illegal activities in the country.
Users in the country started to report the difficulties they faced in accessing the website on 12 Jan 2025. Screenshots of the website’s homepage were posted on the social media platform X where an important notice from the Gaming Regulatory Authority (GRA) of Singapore was being circulated, warning users about Polymarket being an illegal and unregulated website, which might be facing a fine worth $10,000, 6 months of imprisonment, or both for violating the rules and regulations set down by the gambling authority.
Cobo Global’s vice president of investment and custody, Alex Zuo stated “If you want to place a bet, you can only go to a state-owned gambling company. Otherwise, you will face fines and imprisonment.”
The GRA, the body that oversees all forms of gambling in Singapore, made a warning for Polymarket and other websites operating illegally, which read: “You have attempted to access an illegal gambling site hosted by an unlicensed gambling service provider. Singapore Pools is the only licensed online gambling operator in Singapore.” To ensure safe and legal gambling, we encourage our readers to access the best sports betting sites in Singapore.
Impact on Decentralized Platforms and Blockchain
This new restriction comes in the wake of the national crackdown on decentralized platforms and unlicensed online gambling providers like Polymarket, which has witnessed more than 3,800 websites shuttered and transactions worth $37 million blocked as of 31 December 2024, according to the Home Affairs Minister of Singapore. Polymarket and the GRA did not immediately respond to any requests for comment.
Taiwan also restricted its access to the website in 2024 and prosecuted a user who visited the website to place bets worth $530 on political elections. As these limitations come into existence, blockchain services will face severe challenges as they will be compelled to adhere to global regulations. Other jurisdictions such as the US and France have banned Polymarket while its terms of service prohibit users from countries like Iran, Venezuela, Bolivia, and more.
Future Outlook for Online Gambling in Singapore
Singapore has notably solidified its position as the global leader in the crypto and blockchain industry. According to a study conducted by ApeX Protocol in December, Singapore boasts over 2433 blockchain and crypto industry-related jobs, 1600 blockchain patents, and 81 crypto exchanges.
However, the tightened regulatory measures, especially for the online gambling market in Singapore, might create hurdles for the existing websites and platforms.
While Polymarket has faced its share of legal hurdles, on 8 January 2025, Coinbase also received a subpoena from the Commodity Futures Trading Commission (CFTC) US concerning Polymarket.
These key challenges call for a tightened enforcement of crypto gambling regulations and the development of compliant platforms that could cater to the betting and gambling markets of Singapore.
