Thailand proposes banning Polymarket amid online gambling crackdown

Thailand’s cybercrime authorities plan to propose banning decentralized prediction marketplace Polymarket, as it may be deemed an online gambling website, which is considered illegal in the country.

The nation’s cyber crime investigation bureau held a press briefing on Tuesday, suggesting that suspending Polymarket is crucial to prevent the public from falling victim to online gambling and to stop the use of cryptocurrency in illegal activities, which “could have severe economic and social impacts,” according to a translated statement on the authority’s website.

The cyber police said that the website facilitates betting on global events through cryptocurrencies, which could fall under illegal online gambling in Thailand. The police did not specify the timeline of a potential shutdown.

Thailand’s proposal to shut down Polymarket follows similar moves in other jurisdictions. Earlier this week, users in Singapore reported difficulties accessing the Polymarket website, with screenshots showing a notice from Singaporean authorities on the site’s homepage, stating that Polymarket is considered illegal.

Taiwan also restricted Polymarket last year and went as far as prosecuting an individual who placed around $530 worth of bets on the outcomes of presidential and parliamentary elections, according to local newspaper Liberty Times. Access to Polymarket is also restricted in the U.S. and France.