The Singaporean government has blocked access to Polymarket, a cryptocurrency-based prediction market platform, classifying it as an unlicensed gambling site. This move follows the country’s strict gambling laws and a recent crackdown on unauthorized online gambling services.
The Gambling Regulatory Authority (GRA) of Singapore has declared Polymarket an illegal gambling service under the Gambling Control Act 2022. The Act prohibits betting or wagering with unlicensed operators. Users attempting to access Polymarket from within Singapore now receive a warning message stating that they are visiting an unauthorized gambling site.
This ban comes with potential consequences for Singaporean users. The Gambling Control Act 2022 imposes penalties for interacting with unlicensed gambling websites, including fines of up to 10,000 Singapore dollars and imprisonment for up to six months or both.
Singapore has taken a strong stance against unlicensed online gambling. Since the beginning of the year, the country has shut down over 3,800 websites and blocked $37 million in transactions related to unauthorized gambling activities.
The GRA has emphasized that Singapore Pools is the only legal entity permitted to offer remote gambling services within the country. This move further solidifies Singapore’s position as a country with strict regulations on online gambling.
