• Singapore’s Gambling Regulatory Authority has blocked Polymarket, citing violations of the Gambling Control Act for operating without a license.
• Polymarket, a crypto predictions platform, faces increasing global scrutiny, including recent regulatory actions in France and the U.S.

Singapore’s Gambling Regulatory Authority (GRA) has blocked access to Polymarket, a cryptocurrency-based predictions platform, labeling it an “illegal gambling site” operated without proper licensing. Users in Singapore attempting to visit the site are met with a warning citing Section 20 of the Gambling Control Act 2022, which penalizes engagement with unlicensed gambling services with fines up to $10,000 or six months of imprisonment.

The block came to light after Alex Zuo, vice president of investments and custody at Cobo, shared a screenshot of the GRA’s notice on social media. Multiple Singapore-based sources have since confirmed encountering the same restriction, although access remains possible through virtual private networks (VPNs) not linked to major local telecom providers.

Polymarket, which allows users to bet on various outcomes, including politically sensitive topics such as U.S. elections, has faced mounting regulatory scrutiny worldwide. Last year, the platform exited the French market following investigations by French authorities into large-scale bets on Donald Trump‘s potential presidential victory. In the U.S., Polymarket settled with the Commodity Futures Trading Commission (CFTC) in 2022 for $1.4 million and ceased services for U.S.-based users.

Adding to the controversy, the FBI reportedly raided Polymarket CEO Shayne Coplan’s apartment in New York in November. Although details remain unclear, a company spokesperson described the incident as “political retribution.”

Despite these challenges, Polymarket continues to grow, recording 349,500 monthly active users in December, a rise from 293,700 the previous month, according to Dune Analytics. The platform’s latest regulatory hurdle in Singapore underscores the global crackdown on unregulated crypto betting platforms.

Neither Polymarket nor the GRA has issued an official statement regarding the block, and inquiries for comment have gone unanswered at the time of writing.

Editorial Note: This news article has been written with assistance from AI. Edited & fact-checked by Harshajit Sarmah.