Singapore Bans Polymarket
Singapore has cracked down on the crypto-prediction platform Polymarket, labeling it an “illegal gambling site” and blocking access within the city-state.
Singaporean users attempting to visit Polymarket.com now encounter a notice from the Gambling Regulatory Authority (GRA).
This move effectively restricts residents from using Polymarket for any wagers.
“If you want to place a bet, you can only go to a state-owned gambling company; otherwise, you will face fines and imprisonment,” explained Alex Zuo, Investment and Custody Vice President at Cobo Global, on X, citing the displayed notice.
Singapore enforces strict gambling regulations. Individuals caught gambling on unlicensed platforms face penalties of up to SGD 10,000, imprisonment for up to six months, or both. Unlicensed gambling operators face even harsher punishments, including fines of up to SGD 700,000 and imprisonment for up to ten years.
