Singapore Blocks Access to Polymarket Over Gambling Law
- Singapore’s Gambling Regulatory Authority (GRA) has blocked access to Polymarket, labeling it an “illegal gambling site.”
- The GRA cites Section 20 of the Gambling Control Act 2022, which imposes fines up to $10,000 or six months imprisonment for unlicensed gambling.
- Polymarket previously exited the French market after a $45 million bet on U.S. elections prompted investigations.
- The platform settled with the U.S. CFTC for $1.4 million in 2022, leading to a block on U.S. users.
- Despite regulatory challenges, Polymarket’s monthly active users increased from 293,700 in November to 349,500 in December.
Singapore’s GRA has blocked Polymarket due to its unlicensed status under the Gambling Control Act, while the platform continues growing despite regulatory hurdles.
