Crackdown on illegal gambling! Singapore blocks Polymarket: unauthorized gambling can be closed for six months

Singapore recently blocked Polymarket, an encryption prediction market, on the grounds of violating the 2022 Gambling Control Act. It emphasizes that entering and participating in unauthorized gambling websites will face severe penalties, including hefty fines and imprisonment.

Polymarket is banned from entering Singapore by the authorities

Wallet provider Cobo Global's investment and custody director Alex Zuo pointed out in a tweet yesterday that Singapore seems to have recently blocked the prediction market Polymarket and it is now inaccessible.

He said, "Polymarket is officially defined as a gambling website in Singapore. If you want to place a bet, you can only choose a state-owned gambling company, otherwise you will face fines and imprisonment."

The above warning from the Gambling Regulatory Authority (GRA) of Singapore states, "You are attempting to access a website of an unauthorized illegal gambling service provider. Singapore Pools is the only authorized online gambling operator in Singapore."：

Offenders may face a maximum fine of 10,000 Singapore dollars, a maximum of 6 months' imprisonment, or both concurrently.

Singapore cracks down on illegal gambling, yet still supports encryption technology

As part of the "Gambling Control Act 2022", Singapore continues to strengthen its crackdown on illegal gambling platforms, including decentralized prediction markets.

The data shows that since 2015, the GRA has shut down more than 3,800 gambling websites and frozen 145,000 transactions totaling 37 million Singapore dollars (approximately 27 million US dollars).

Nevertheless, the country remains a leader in the global blockchain and encryption currency industries, as evidenced by the Monetary Authority of Singapore's (MAS) strict regulation of unauthorized activities while promoting the development of the legal digital asset industry, from the release of stablecoin regulatory frameworks to the issuance of major payment institution licenses to encryption traders, and the exploration of smart contracts and tokenization of financial products with global international banks.

(Singapore Bank of the Sea announced the launch of digital asset services to corporate users and is expected to open to retail investors by the end of the year)

Polymarket's scale has long attracted attention.

As a decentralized prediction platform based on Polygon, Polymarket allows global users to use USDC to predict and bet on various events, from the pardon list of US President Biden to the resignation date of Canadian Prime Minister Trudeau.

However, with the unprecedented $3.7 billion bet on the 2024 US presidential election, the popularity and influence of the platform have raised concerns from governments around the world, suggesting potential issues related to shaping public opinion and influencing voter behavior.

In January 2022, Polymarket reached a settlement with the U.S. Commodity Futures Trading Commission (CFTC) for allegedly operating an unregistered derivatives trading platform, paying a $1.4 million fine and ceasing related operations, while also blocking U.S. users. In November of last year, the platform also blocked French users due to an investigation from the French authorities.

(The FBI raided Polymarket CEO Shayne Coplan's home, suspected of political retaliation)

Obviously, despite the innovative models of platforms like Polymarket and Kalshi attracting a large number of users, they also face regulatory challenges from around the world. This incident highlights Singapore's efforts to promote the development of the digital economy and maintain market order, and underscores the balance between compliance and innovation in the prediction market as a key issue.

This article fights illegal gambling! Singapore locks Polymarket: unauthorized gambling can be closed for half a year first appeared in Chain News ABMedia.