On 13 January 2025, Singapore officially banned the operation of Polymarket, a prominent crypto-based prediction platform.
Singapore’s Monetary Authority (MAS), the country’s central bank and financial regulator, cited several reasons for the ban.
Polymarket was reportedly operating without the necessary licenses required under Singapore’s Payment Services Act.
This legislation mandates that entities offering payment or trading services involving digital tokens must obtain approval from MAS.
Polymarket has yet to issue an official statement regarding the ban.
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MAS Highlighted Risks Such As Lack Of Recourse For Disputes
Polymarket is a decentralized prediction market platform that allows users to bet on the outcomes of various events, ranging from political elections to economic trends and even sports.
Built on blockchain technology, it enables users to trade shares in event outcomes using cryptocurrencies.
The platform has gained popularity for its transparency and decentralized nature, providing an alternative to traditional betting markets.
However, this very decentralization has often placed platforms like Polymarket in regulatory crosshairs.
MAS insisted that Polymarket’s operations posed significant AML and counter-terrorism financing risks due to insufficient regulatory oversight. It also highlighted risks such as lack of recourse for disputes.
Section 20 of Singapore’s Gambling Control Act 2022, which imposes fines of up to $10,000 or six months in jail for using unregistered gambling services, is cited in the GRA’s warning.
Substantial Impact On Polymarket’s Operations In Asia
The ban is expected to have a substantial impact on Polymarket’s operations in Asia.
Singapore has been a hub for blockchain and cryptocurrency innovation, attracting startups and investors from around the globe. Losing access to this market could hinder Polymarket’s growth trajectory and limit its user base.
For existing users in Singapore, the ban means they will no longer be able to access the platform.
MAS has advised users to withdraw their funds promptly to avoid complications.
It remains unclear whether Polymarket will face penalties or be required to compensate affected users.
Explore: France To Block Access To Polymarket After Surge In Crypto Betting On US Election
Singapore isn’t the first country to act on Polymarket. France’s National Gaming Authority (ANJ) is reportedly planning to block access to Polymarket, a blockchain-based prediction market that gained prominence during the US presidential election.
Explore: Feel Good Friday: Why is XRP Pumping, Polymarket Election, US to Buy 1M BTC
On 13 November 2024, the US Federal Bureau of Investigation (FBI) raided the New York City residence of Polymarket CEO Shayne Coplan, seizing his phone and electronic devices.
The raid was part of an ongoing investigation, the New York Post reported, citing a source close to the matter.
Polymarket gained attention for its $3.7 billion in bets placed on the “Presidential Election Winner 2024” market.
Explore: FBI Raids Polymarket CEO Shayne Coplan’s Home, Seizes Electronics
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