Singapore Blocks Polymarket, Joining Taiwan and France

As the most recent country to take action against the prediction market site, Singapore is putting further focus on Polymarket. According to allegations from users in the city-state, the Gambling Regulatory Authority (GRA) of Singapore ordered local ISPs to prohibit access to the platform over the weekend.

According to the GRA’s notice, “You have attempted to access an illegal gambling site hosted by an unlicensed gambling service provider.” Users who were caught gambling with unauthorized providers might be fined up to SGD 10,000 ($7,200) or imprisoned for up to six months, the warning further informed them.

The GRA has not yet commented on the matter or taken any formal enforcement action against Polymarket, according to public documents.

Singapore bans polymarkets (Source: GRA)

Taiwan and France Lead the Way

Singapore emulates Taiwan, where local government officials were the first to restrict access to Polymarket. 17 people were detained by Taiwanese police for betting on the results of the recent presidential election, which is against local election regulations.

Additionally, Polymarket has encountered difficulties in France, where gaming authorities have blocked users from using the platform.

U.S. Regulatory Scrutiny

U.S. officials have also noticed of Polymarket. As part of an ongoing investigation into the platform’s operations, the Commodity Futures Trading Commission (CFTC) subpoenaed Coinbase for information on U.S. citizens trading on Polymarket.

Polymarket’s future in these markets remains unclear due to growing regulatory challenges in some countries.