$/€ Singapore Bans Access to Prediction Platform Polymarket
Lina Almans
14 January 2025
Comment 0
Singaporean authorities have blocked access to Polymarket, a prediction market platform, citing its status as an unlicensed gambling operation, according to BeInCrypto.
Residents attempting to visit the Polymarket site are met with a notice stating that the platform is unlicensed and warning users of potential legal consequences.
The message highlights that participating in unlicensed gambling activities can result in fines of up to $7,300 or six months of imprisonment — or both.
Polymarket, which describes itself as a blockchain prediction platform rather than a gambling service, has faced regulatory challenges beyond Singapore. In November 2024, the platform halted operations in France after the country’s gambling regulator flagged its activities as potentially falling under illegal gambling.
Earlier, Polymarket has also come under criticism for controversial betting markets, including those tied to events like California wildfires.
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