Singapore Bans Access to Polymarket

Singapore has joined the United States, Taiwan, and France in banning access to Polymarket, a blockchain-based platform that allows users to trade on the outcomes of real-world events. The Singaporean government has deemed Polymarket an illegal gambling website operated by an unlicensed provider.

This ban marks another setback for global crypto-betting enthusiasts who utilize Polymarket to wager on various events, ranging from the extent of wildfires to the frequency of Elon Musk’s tweets.

Singaporean users began experiencing difficulties accessing the site on January 12th. Screenshots shared on X reveal a notice from the Gambling Regulatory Authority (GRA) warning users that accessing Polymarket is illegal and may result in penalties, including fines up to US$10,000 and imprisonment for up to six months.

This action aligns with the Singaporean government’s broader crackdown on unlicensed internet gambling websites. As of December 31st last year, authorities had successfully shut down over 3,800 illegal gambling websites and blocked transactions exceeding US$37 million.