Singapore’s gambling regulator has blocked access to Polymarket, a controversial crypto predictions platform under scrutiny for its handling of U.S. election-related betting.
Reports of users being denied access first emerged Sunday evening, with Alex Zuo, investments and custody vice president for Cobo, tweeting a screenshot of a pop-up notification.
Users attempting to access the platform from Singapore encounter a warning message from the Gambling Regulatory Authority (GRA), declaring Polymarket as an “illegal gambling site” operated by an unlicensed provider.
This is still the case at the time of writing, according to a screenshot reviewed by Decrypt and confirmed by several sources based in Singapore.
Official statements from the GRA or Polymarket have yet to surface. The GRA and Polymarket did not immediately respond to requests for comment.
Internal testing shows Polymarket’s front end can be accessed through a VPN routed to Singapore servers. One source told Decrypt they could still access the site, but it was likely because they were not with a major Singapore telco provider.
Predictions markets as gambling
The warning from Singapore’s GRA cites Section 20 of the country’s Gambling Control Act 2022, which threatens fines of up to $10,000 or six months imprisonment for engaging with unlicensed gambling services.
It follows Polymarket’s recent decision to block French users and effectively exit the French market in November last year after a trader placed $45 million in bets on Donald Trump’s presidential victory across multiple accounts.
That move was triggered by initial investigations from French authorities, pre-empting the latter’s move.
In other jurisdictions, such as the U.S., regulatory scrutiny over Polymarket has intensified beyond gambling oversight.
Singapore’s move follows the platform’s complex regulatory history, including a $1.4 million settlement with the CFTC in 2022 that led to blocking U.S. users.
An FBI raid on Polymarket CEO Shayne Coplan’s New York apartment in November, which a company spokesperson characterized at the time as “political retribution,” has added another layer of controversy.
Last week Friday, the U.S. Commodity Futures Trading Commission served Coinbase with a subpoena, seeking customer information related to Polymarket trading.
Despite regulatory challenges, Polymarket’s user base continues to grow. The platform recorded 349,500 monthly active users in December, up from 293,700 in November, according to data from Dune Analytics.
Edited by Sebastian Sinclair
