Polymarket, a blockchain-powered prediction market, has been reportedly blocked in Singapore because the authorities classify it as a gambling platform.

This marks another significant challenge for the platform, which is already under regulatory scrutiny in the United States.

Why Did Singapore Block Polymarket?

On January 12, Alex Zuo, Vice President of Investment and Custody at Cobo Global, revealed on X (formerly Twitter) that Singapore has officially designated Polymarket as a gambling site. This classification has led to restrictions on access within the country.

Zuo stated that individuals in Singapore must place bets only through state-authorized gambling operators. Those who fail to comply risk facing fines or imprisonment.

“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,” Zuo said.

Zuo shared screenshots showing that visitors trying to access Polymarket in Singapore receive warnings. Authorities warn users to avoid unlicensed gambling services, threatening penalties of up to $10,000, six months in jail, or both.

Polymarket, launched in 2020, is known for its unique approach to aggregating public opinion and real-time data. It allows users to wager on outcomes of current events, such as elections and natural disasters. The platform has attracted high-profile backers, including billionaire investor Peter Thiel.

Broader Regulatory Pressure

Polymarket’s challenges are not confined to Singapore. The platform has faced significant regulatory pressure in other jurisdictions, including France and the United States.

In France, the Go to Source to See Full Article
Author: Oluwapelumi Adejumo