It looks like Singaporeans won’t be able to access Polymarket anymore, as Singapore’s Gambling Regulatory Authority (GRA) has blocked access for being an “illegal gambling site operated by an unlicensed provider.”
Reports of the block surfaced on Sunday when users attempting to access the betting platform from Singapore encountered a warning message from the GRA. Alex Zuo, vice president of investments and custody at Cobo, confirmed the restriction.
The move is part of the country’s efforts to enforce the Gambling Control Act 2022, which prohibits unlicensed gambling services and imposes fines of up to $10,000 or six months imprisonment for violators.
The platform remains inaccessible to most users in Singapore unless routed through a VPN.
Polymarket’s Regulatory Struggles
Neither the GRA nor Polymarket has issued official statements about the restriction. However, users report that smaller, non-major internet service providers in Singapore might allow them to access the platform.
Notably, the betting platform has struggled with regulatory hurdles in the United States as well. In 2022, the platform reached a $1.4M settlement with the Commodity Futures Trading Commission (CFTC) over allegations of offering unregistered swaps, leading to a ban on U.S. users.
But the scrutiny intensified in November 2024 when the FBI raided the New York apartment of Polymarket CEO Shayne Coplan, an event a company spokesperson described as “political retribution.”
Similarly, the platform withdrew from the French market after a trader placed $45 million in bets on Donald Trump’s presidential victory across multiple accounts, leading French authorities to reinforce their investigations into its betting activities.
More recently, the CFTC subpoenaed Coinbase for customer information related to Polymarket trading activities
Despite the obstacles, data from Dune shows Polymarket continues to grow, having nearly 350K active users in December, up from 293K in November.
Disclaimer
This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
