Another jurisdiction has Polymarket in its crosshairs. Over the weekend, Singapore’s Gambling Regulatory Authority (GRA) ordered local internet service providers to block access to the prediction market platform, according to reports from users in the city-state.
“You have attempted to access an illegal gambling site hosted by an unlicensed gambling service provider,” the announcement reads, warning that those found guilty of gambling with unlicensed service providers are liable for a fine of up to SGD 10,000 ($7,200) or a jail sentence of up to 6 months.
The GRA has yet to make a public announcement on the issue, nor have they launched an enforcement action against Polymarket according to a public directory.
Taiwan was the first jurisdiction to actively block its nationals from using the prediction market platform, and local law enforcement arrested 17 people on the island for betting on its most recent presidential election.
Local Taiwanese election law specifically prohibits betting on the outcome of elections.
Polymarket has also been the target of gaming authorities in France, leading to the platform blocking users in the country from accessing its services.
Recently, the U.S. Commodity Futures Trading Commission subpoenaed Coinbase, seeking information about U.S. nationals trading on Polymarket as part of an ongoing investigation.
This growing trend indicates that prediction markets are facing increasing scrutiny worldwide, raising questions about the future operations of platforms like Polymarket. Stakeholders in the industry are advised to stay informed about regulatory developments as they could significantly impact market dynamics.
