Singapore's gambling regulator has blocked access to Polymarket, the controversial crypto prediction platform over its handling of US election-related bets.
Reports of users being denied access came out on Sunday evening, and Alex Zuo, Cobo's vice president of investment and protection, said: Tweet a screenshot of the official announcement.
Users trying to access the platform from Singapore have been met with a warning message from the Gambling Regulatory Authority (GRA), declaring Polymarket an “illegal gambling site” operated by an unlicensed provider.
According to a reviewed screenshot, this is still an issue at the time of writing. Decrypt And it has been confirmed by several sources based in Singapore.
Official statements from GRA or Polymarket are yet to come out. GRA and Polymarket did not immediately respond to requests for comment.
Internal testing Polymarket's front end shows that it is possible to access the Singapore servers via VPN. A source said Decrypt could still access the site, but it might be because they weren't with a major Singapore telco.
Predictions are traded like gambling.
Warning from Singapore GRA They mention Section 20 of the Gambling Control Act of 2022, which threatens a fine of up to $10,000 or six months in prison for engaging in unlicensed gambling services.
It follows Polymarket's recent decision to block French users and effectively Exit the French market In November of last year, after a trader placed $45 million in multiple accounts on Donald Trump's presidential victory.
That movement was triggered Initial investigations From the French authorities, pre-removal of the latter step.
In other jurisdictions, such as the US, regulatory oversight of polymarkets has gone beyond gambling regulation.
Singapore's move follows the platform's complex regulatory history $1.4 million settlement 2022 with the CFTC leading to a ban on US users.
An FBI raid on Polymarket CEO Shayne Coplan's New York apartment in November, adding another layer of controversy to what a company spokesman described at the time as “political punishment.”
Last week Friday, the US Commodity Futures Trading Commission Coinbase served with subpoenas.Searching for customer information related to Polymarket transactions.
Despite regulatory challenges, Polymarket's user base continues to grow. The platform recorded 349,500 monthly active users in December, up from 293,700 in November. Data From dune analysis.
Edited by Sebastian Sinclair.
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