Singapore Orders Block on Polymarket Amid Gambling Regulation Concerns
Singapore's Gambling Regulatory Authority (GRA) has ordered local internet service providers to block access to Polymarket, a prediction market platform, labeling it an illegal gambling site. Users attempting to access the platform face fines up to SGD 10,000 ($7,200) or jail sentences of up to 6 months.
The GRA has not yet issued a public statement or initiated enforcement actions against Polymarket. This follows Taiwan's earlier decision to block its citizens from using the platform, resulting in the arrest of 17 individuals for betting on presidential elections, which is prohibited under local law.
Polymarket is also facing scrutiny in France, where it has blocked user access amid regulatory inquiries. Additionally, the U.S. Commodity Futures Trading Commission has subpoenaed Coinbase for information regarding U.S. nationals trading on Polymarket as part of an ongoing investigation.