Polymarket Classified as Unlicensed Gambling Site and Blocked in Singapore

Polymarket has been blocked in Singapore and classified as an unlicensed gambling site, violating the country’s strict gambling laws. Key points include:

Access to Polymarket is restricted for Singaporean users.
Noncompliance with local regulations can result in fines up to $10,000 or six months in jail.
Polymarket allows betting on real-world events, attracting significant investments.
The platform faces regulatory scrutiny in France due to a user’s large bets on the US presidential election.
In the US, Polymarket was fined $1.4 million by the CFTC for operating unregistered prediction markets and agreed to stop serving US users.
The DOJ is investigating potential violations of this settlement, including searches of CEO Shayne Coplan's devices by the FBI.

These developments underline the complexities faced by Polymarket in adhering to varying global gambling regulations.