Polymarket clashes with Singapore’s gambling crackdown
Singaporean authorities have blocked the platform as an unlicensed gambling site, imposing severe penalties for those bypassing restrictions under the Gambling Control Act 2022.
Polymarket, a cryptocurrency-based prediction market, has come under fire for alleged violations of Singapore’s strict gambling laws. Authorities blocked access to the platform, deeming it an unlicensed gambling site. Those who attempt to bypass restrictions risk hefty fines and jail time under the Gambling Control Act 2022.
Further criticism erupted as Polymarket allowed users to bet on tragic events like the devastating Palisades wildfire in Los Angeles. The platform’s wildfire-related betting markets have been widely condemned as unethical, with accusations of profiting from human suffering. Polymarket’s attempts to defend its actions have done little to appease public outrage.
Meanwhile, Polymarket faces intense scrutiny in the US. The FBI recently raided CEO Shayne Coplan’s residence, seizing electronic devices, while the CFTC subpoenaed Coinbase for information on the platform’s activities. Despite its rapid growth during the US elections, with record-breaking trading volumes, Polymarket now grapples with plummeting activity and mounting regulatory challenges.