Singapore bans access to Polymarket over unlicensed gambling concerns
Singapore has blocked access to Polymarket, a cryptocurrency-based betting market, as part of a crackdown on unlicensed gambling platforms.
On January 12, several users reported that they were unable to access Polymarket in Singapore.
Alex Zuo, vice president of investment and protection at Cobo Global, posted on X:
“Polymarket is officially defined as a gambling site in Singapore. If you want to bet, you can only go to a state-owned gambling company. Otherwise, you face fines and imprisonment.”
Visitors attempting to access the site from Singapore will receive a warning under section 20 of the Gambling Regulation Act 2022. The act makes gambling with unlicensed operators punishable by a fine of up to S$10,000, a jail term of up to six months, or both.
“They attempted to locate an illegal gambling site hosted by an unlicensed gambling service provider. Singapore Pools is the only licensed online gambling operator in Singapore,” says the Gambling Regulatory Authority (GRA).
Source: Alex Zuo
In the year Established on August 1, 2022, the GRA regulates all forms of gambling in Singapore. The Casino Regulatory Authority was established to create a single regulatory body to address evolving gambling products and services.
Polymarket runs on the Polygon blockchain, allowing users to bet on world events using USD Coin (USDC).
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Strict enforcement
On January 1, the authority to enforce illegal gambling was transferred from the GRA to the Singapore Police Force.
“Singapore Pools (Private) Limited is the only operator licensed by the GRA to provide remote gambling services. Anyone found guilty of illegal gambling is subject to a fine of up to $500,000 and up to 7 years in prison, and repeat offenders are subject to a fine of up to $700,000 and up to 10 years in prison. GRA website.
In the year On December 30, the GRA said in a Facebook post that since 2015, more than 3,800 gambling websites and 145,000 SG$37 million ($27 million) transactions have been banned.
In particular, Singapore has strengthened its position as a global leader in the blockchain and cryptocurrency industry, according to a study by ApeX Protocol in December. The study found that Singapore has 1,600 blockchain patents, 2,433 industry-related jobs and 81 cryptocurrency exchanges.
Hong Kong ranked second in the study with 890 blockchain patents, 1,163 related works and 52 cryptocurrency exchanges.
In the year By 2024, Singapore to double digital asset licenses, the Monetary Authority of Singapore has issued licenses to 13 major payment institutions for crypto exchanges – more than double the number granted in 2023 – according to local reports.
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Polymarket legal obstacles
Polymarket has faced its share of regulatory hurdles.
On January 8, Coinbase notified users that it had received a subpoena from the US Commodity Futures Trading Commission (CFTC) regarding Polymarket.
According to the announcement, Coinbase may be asked to provide user account data unless legal action is taken to block the request by January 15.
In the year By 2022, Polymarket has agreed to operate an unregistered derivatives trading platform with the CFTC. The settlement included a $1.4 million fine and a cease-and-desist order, which resulted in the platform banning US customers.
In the year In November 2024, the platform suspended reports of an investigation by French authorities into whether French users were complying with gambling laws.
Polymarket continues to see significant activity. In the year In the first few days of 2025, the platform recorded $431 million in transaction volume, with its biggest market, Super Bowl 2025, attracting more than $15 million in wagers since the start of the year, according to data from Dunn Analytics.
Polymarket and GRA did not respond to Cointelegraph's request for comment at the time of publication.
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