- Singapore blocks Polymarket, citing unlicensed gambling.
- Polymarket faces a ban in France and CFTC subpoena in the US.
Singapore has officially blocked Polymarket, a crypto-based betting platform, citing its unlicensed status in the country.
Visitors to the site are greeted with a warning from the Gambling Regulatory Authority, labelling it an illegal gambling operation.
The notice warns that gambling on unlicensed platforms may result in fines, jail time, or both.
The block falls under the Gambling Control Act 2022, which mandates that all gambling operators targeting Singaporean residents obtain proper licensing.
Singapore currently restricts online gambling to state-approved operators like Singapore Pools, the country’s sole licensed provider.
Polymarket, known for hosting high-stakes prediction markets on events like the US presidential election, is also encountering resistance in Europe.
In France, the country’s gambling regulator, ANJ, blocked access to the platform in November.
According to The Big Whale, a French crypto news outlet, the ANJ considers Polymarket a form of illegal betting.
A source close to the regulator claimed, “This is not legal in France,” as officials examine its compliance with local gambling laws.
Meanwhile, in the United States, the platform is under fire from the CFTC, which has proposed stricter rules on prediction markets.
On Thursday it was revealed that Coinbase notified customers it received a subpoena from the CFTC seeking account information tied to Polymarket.
Kyle Baird is DL News’ Weekend Editor. Got a tip? Email at kbaird@dlnews.com.
