The authorities in Singapore have restricted access to Polymarket, a platform that allows users to wager with cryptocurrencies on various predictions, as part of an ongoing effort to regulate illegal gambling sites.
On Jan. 12, multiple users reported being unable to access Polymarket in Singapore.
Alex Zuo, Investment and Custody vice president at Cobo Global, posted on X:
“Polymarket is officially defined as a gambling website in Singapore. If you want to place a bet, you can only go to a state-owned gambling company. Otherwise, you will face fines and imprisonment”
Users trying to access the site from Singapore are warned about potential violations under Section 20 of the Gambling Control Act 2022. This legislation carries penalties such as fines up to $10,000, imprisonment for a maximum of six months, or both, for engaging in gambling activities with unauthorized operators.
The notice from the Gambling Regulatory Authority (GRA) cautions that you’ve tried to enter an unauthorized gambling site run by a service provider without a license. In Singapore, only Singapore Pools is legally allowed to operate online gambling.
On August 1, 2022, the Gambling Regulatory Authority (GRA) came into existence in Singapore. This authority was created by restructuring the previous Casino Regulatory Authority, with the aim of having a unified regulatory body that can adapt to the changing landscape of gambling products and services.
Polymarket functions within the Polygon blockchain, enabling individuals to place wagers on global occurrences utilizing US Dollar Coins (USDC).
Tightened enforcement
Starting from January 1st, the responsibility for enforcing illegal gambling shifted from the Ghana Revenue Authority (GRA) to the Singapore Police Force.
On the official website of the Gambling Regulatory Authority (GRA), it is clearly stated that Singapore Pools (Private) Limited is the sole entity authorized to offer remote gambling services. Engaging in illegal gambling activities could lead to severe penalties, including fines amounting to $500,000 and imprisonment for up to 7 years upon conviction. For individuals who persistently violate these laws, the consequences can be even more stringent, with potential fines of up to $700,000 and a prison term extending up to 10 years.
As a researcher, I’d like to share some insights I’ve gathered recently. Since the year 2015, over 3,800 gambling websites and approximately 145,000 transactions worth around SG$37 million ($27 million) have been successfully blocked by the GRA, as announced in a Facebook post on Dec. 30.
Significantly, Singapore stands out as a leading global contender in the realm of blockchain technology and digital currencies, as indicated by a December report by ApeX Protocol. This research highlights that Singapore boasts approximately 1,600 patents related to blockchain, around 2,433 jobs within the industry, and 81 cryptocurrency trading platforms.
In a recent survey, Hong Kong placed as the second city globally, boasting 890 registered blockchain patents, providing employment for 1,163 individuals in this field, and hosting 52 different cryptocurrency trading platforms.
In the year 2024, Singapore significantly increased the number of digital asset licenses it handed out, with the Monetary Authority of Singapore (MAS) awarding 13 Major Payment Institution Licenses for crypto exchanges – a figure that surpassed the amount issued in 2023 by more than double, as reported locally.
Polymarket’s legal hurdles
Polymarket has faced its share of regulatory hurdles.
On January 8th, Coinbase informed its users that they had received a summons from the U.S. Commodity Futures Trading Commission (CFTC) regarding Polymarket.
As stated in the announcement, Coinbase might have to share user account information if no legal steps are taken before January 15th to prevent this data request.
2022 saw Polymarket resolve disputes with the Commodity Futures Trading Commission (CFTC) over their unregistered derivatives trading platform. The resolution included a penalty of $1.4 million and a directive to halt operations for US customers, due to a cease-and-desist order.
In November 2024, the platform halted access for French users due to ongoing investigations by French authorities regarding adherence to gambling regulations.
As an analyst, I’m observing a bustling scene at Polymarket. In just the opening days of 2025, we’ve clocked an impressive trading volume of $431 million across all markets. Notably, our flagship market, the Super Bowl Championship 2025, has drawn in over $15 million in bets since the New Year, as per data from Dune Analytics.
At the time of publishing, neither Polymarket nor the GRA provided comments regarding CryptoMoon’s query.
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2025-01-12 12:18