Access to the cryptocurrency-based prediction market, Polymarket, has been blocked in Singapore due to allegations of unlicensed gambling. Several users have reported being unable to gain entry to the platform from Singapore amid a surge in infringement on the Gambling Control Act 2022. This law prohibits betting with unlicensed entities, and breaching the law attracts fines as much as 10,000 Singapore dollars, a half-year jail term or potentially both.
Anyone in Singapore who tries to access the site encounters a warning that refers to Section 20 of the Gambling Control Act. The warning informs the visitor that the site is illegal and overseen by an illegal gambling service provider. The Gambling Regulatory Authority (GRA) statement on the matter said “Singapore Pools” remain the sole licensed online gambling operator in Singapore.
The GRA was established on August 1, 2022, replacing the older Casino Regulatory Authority with the aim of centralizing oversight for all forms of gambling in Singapore. Polymarket operates on the Polygon blockchain allowing users to bet on global events with USD Coin (USDC).
Furthermore, since the start of the year, surveillance of illegal gambling activities has been handed over to the Singapore Police Force from the GRA. As it stands, anyone found guilty of participating in illegal gambling may earn a fine extending to $500,000 and a prison term up to seven years. Repeat perpetrators face higher penalties.
Despite the stringent measures for regulating the gambling sector in Singapore, the country continues to be a global hub for blockchain and cryptocurrency enterprises, which is confirmed by a recent research report by ApeX Protocol. It noted Singapore as home to 1,600 blockchain patents, 2,433 jobs related to the industry, and 81 cryptocurrency exchanges.
Despite its popularity, Polymarket has continually been faced with multiple legal challenges. Most recently, Coinbase, on January 8, informed users it had received a subpoena from the US Commodity Futures Trading Commission (CFTC) regarding Polymarket. The platform had to settle with the CFTC in 2022 for operating an unregistered derivatives trading platform and was fined $1.4 million. Constituently, French users were blocked from the platform amid investigations by local authorities late in 2024.