- Access to Polymarket has seemingly been blocked in Singapore due to its “illegal” status
- An X user reported that he was blocked when trying to access the site
- Penalties under the Gambling Control Act 2022 include fines up to $10,000 or six months imprisonment
Singapore authorities have blocked access to the popular decentralized betting site Polymarket, deeming it an “illegal gambling site.” An X user reported that he had been blocked when trying to access the site, which was accompanied by a warning that offenders risk steep penalties by attempting to do so, including fines and jail time. Polymarket has been under increased scrutiny in recent months, leading to an FBI raid in November.
Jailtime Awaits Transgressors
The X user, going by the username @alexzuo4, posted on Sunday to say that he had received the following warning when trying to access it from Singapore:
polymarket在坡正式定义为博彩网站，想下注只能去国营博彩公司哦，否则面临罚款和坐牢哦 pic.twitter.com/VdoozWAVgE
— alexzuo🫡 (@alexzuo4) January 12, 2025
As their post shows, Singapore’s Gambling Regulatory Authority (GRA) has restricted access to the site, reinforcing the serious nature of pursuing such action. The act of using unlicensed platforms is a serious offense under the Gambling Control Act 2022: under Section 20 of the Gambling Control Act 2022, individuals found guilty of using unlicensed services face harsh penalties, including a fine of up to $10,000, or a jail term of up to 6 months, or both.
Polymarket Feeling the Pressure
Polymarket, which offers decentralized prediction markets for various outcomes, has already been embroiled in legal challenges around the world. The platform was previously fined $1.4 million by the U.S. Commodity Futures Trading Commission (CFTC) in January 2022 for failing to register its markets and violating regulations, while the home of its CEO, Shayne Coplan, was raided in November as part of an investigation into election interference.Coinbase customers learned last week that the CFTC had subpoenaed the exchange seeking account-related information as part of its investigation into Polymarket.
