Singapore Bars Access to Polymarket

Singapore has reportedly blocked access to Polymarket, a blockchain-based prediction market, citing its classification as an unlicensed gambling platform under the Gambling Control Act 2022.

The law mandates that all gambling operators targeting Singaporean residents obtain proper licensing, with online betting restricted to state-approved providers like Singapore Pools.

This regulatory move adds to Polymarket’s growing challenges, as it already faces scrutiny in the US and France.

On 12 January, multiple users in Singapore reported being unable to access the platform.

Alex Zuo, Vice President of Investment and Custody at Cobo Global, confirmed on X (formerly known as Twitter) that Singapore has officially designated Polymarket as a gambling site, leading to access restrictions.

His post translated into English as seen below:

“Polymarket is officially defined as a gambling website in Singapore. If you want to place a bet, you can only go to a state-owned gambling company. Otherwise, you will face fines and imprisonment.”

Visitors attempting to access the platform in Singapore receive a warning referencing Section 20 of the Gambling Control Act, which imposes fines of up to SGD 10,000, six months' imprisonment, or both for gambling with unlicensed operators.

The warning from the Gambling Regulatory Authority (GRA) reads:

“You have attempted to access an illegal gambling site hosted by an unlicensed gambling service provider. Singapore Pools is the only licensed online gambling operator in Singapore.”

The Gambling Regulatory Authority (GRA), established on 1 August 2022 by restructuring the Casino Regulatory Authority, oversees all forms of gambling in Singapore to adapt to evolving digital betting platforms.

Singapore Increases Enforcement

As of 1 January, enforcement against illegal gambling in Singapore has shifted from the Gambling Regulatory Authority (GRA) to the Singapore Police Force.

According to a statement on the GRA website:

“Singapore Pools (Private) Limited is the only operator licensed by GRA to provide remote gambling services. Anyone who conducts unlawful gambling shall be liable on conviction to a fine of up to $500,000 and imprisonment of up to 7 years, and for repeat offenders, a fine of up to $700,000 and imprisonment of up to 10 years.”

In a 31 December Facebook post, the GRA reported that since 2015, authorities have blocked over 3,800 gambling websites and intercepted 145,000 transactions totalling SG$37 million ($27 million).

Despite its strict stance on gambling, Singapore remains a global leader in blockchain and cryptocurrency.

A December study by ApeX Protocol highlights the nation's prominence, citing 1,600 blockchain patents, 2,433 industry-related jobs, and 81 cryptocurrency exchanges—placing it ahead of Hong Kong, which ranked second with 890 patents, 1,163 jobs, and 52 exchanges.

Singapore has also accelerated its digital asset licensing in 2024.

The Monetary Authority of Singapore (MAS) has issued 13 major payment institution licenses for crypto exchanges—more than doubling the number granted in 2023, according to local reports.

Polymarket Facing Legal Obstacles

Polymarket’s regulatory troubles extend far beyond Singapore, with increasing scrutiny in France and the US.

In France, the National Gaming Authority (ANJ) launched an investigation into the platform after a French user placed large bets on the 2024 US presidential election.

French law strictly limits online gambling to specific sports betting and poker activities, and a source close to the regulator affirmed, "This is not legal in France.”

The probe raises concerns over Polymarkets compliance with local regulations, leading the platform to block French users in November 2024.

In the US, Polymarket faces even greater regulatory pressure.

Recently, Coinbase informed users it had received a subpoena from the US Commodity Futures Trading Commission (CFTC) requesting data on user interactions with Polymarket.

If no legal challenge is filed by 15 January, Coinbase may be required to hand over user account details.

Polymarket’s history with US regulators is contentious.

In 2022, it settled with the CFTC for operating an unregistered derivatives trading platform, agreeing to pay a $1.4 million fine and cease operations for US customers.

However, the US Department of Justice has since launched an investigation into whether the platform continued accepting US users in violation of that agreement.

The FBI has reportedly searched the devices of Polymarket CEO Shayne Coplan as part of the probe, signalling escalating legal risks for the platform.