silhouette of Merlion Statue, the landmark of singapore

Merlion Statue. Source: Richie Chan - stock.adobe.com

Key Takeaways:

Singapore Blocks Polymarket: Singapore’s Gambling Regulatory Authority has ordered ISPs to block Polymarket, citing illegal gambling concerns, aligning with Taiwan and France.
Global Scrutiny: Taiwan and France have restricted Polymarket access, citing gambling law violations, with Taiwan making arrests for betting on elections.
Ongoing Investigations: Polymarket faces broader regulatory challenges, including a CFTC subpoena in the U.S., indicating global pressure on prediction markets.

Singapore has joined Taiwan and France in restricting access to Polymarket, a blockchain-based prediction market platform, under local gambling laws.

Singapore’s Gambling Regulatory Authority (GRA) directed internet service providers to block Polymarket, aligning with broader international crackdowns.

Singapore Blocks Crypto Prediction Platform Polymarket, Calls it “Illegal” Gambling Portal. pic.twitter.com/vj81qzZ1kY
— TheCryptoBasic (@thecryptobasic) January 13, 2025

Users attempting to access the site receive a warning about penalties for engaging with unlicensed gambling providers, which could include fines of up to SGD 10,000 (approximately $7,200) or six months in jail.

This move follows Taiwan’s decisive actions against Polymarket, including the arrest of 17 individuals for wagering on the country’s recent presidential election—violating Taiwan’s election laws.

Similarly, in France, Polymarket preemptively restricted access after scrutiny from local regulators.

The challenges extend beyond Asia and Europe. In the United States, Polymarket is under investigation by the Commodity Futures Trading Commission (CFTC), which recently subpoenaed Coinbase for information about U.S. nationals using the platform.

This suggests Polymarket’s issues may go beyond gambling laws, highlighting broader regulatory concerns.

As more jurisdictions target prediction markets like Polymarket, the platform’s ability to operate in regulated markets faces growing uncertainty, underscoring the intensifying global scrutiny of blockchain-based gambling and prediction platforms.