Singapore blocks Polymarket with fines up to $10K

Singapore's Gambling Regulatory Authority (GRA) has recently restricted access to Polymarket, a blockchain-based prediction market, classifying it as an illegal gambling platform under local law.

The move is part of a broader initiative targeting unlicensed gambling services within the city-state.

On January 12, users attempting to access Polymarket encountered warnings referencing the Gambling Control Act 2022.

Under this legislation, individuals found gambling with unlicensed providers can face fines reaching SGD 10,000 or imprisonment for up to six months.

"If you want to place a bet, you can only go to a state-owned gambling company; otherwise, you will face fines and imprisonment," stated Alex Zuo, vice president of investment and custody at Cobo Global, confirmed the ban on social media.

The GRA has emphasised that Singapore Pools is the only authorised online gambling operator in the country.

This crackdown follows heightened scrutiny from regulators worldwide, including actions taken by authorities in France and Taiwan against Polymarket.

As of December 31 last year, Singaporean authorities had blocked transactions totaling SGD 37 million and shut down over 3,800 gambling websites since 2015.

"A person convicted of gambling with unlicensed gambling service providers is liable for a fine of up to $10,000 or a jail term of up to six months or both," the GRA noted.

Critics argue that such stringent regulations limit individual freedoms while the government insists that these measures are necessary to protect citizens from potential gambling-related harm.

The GRA has also directed individuals facing gambling issues to contact the National Council on Problem Gambling for assistance.