Singapore becomes latest nation to take action against Polymarket

Singapore is the latest country to shut down access to the blockchain-based prediction platform Polymarket after its government declared it was an illicit, unregulated outlet. 

The authorities in the prosperous Southeast Asian city-state also declared an unlicensed provider operated the site, as it joins the likes of the United States and France to ban access to Polymarket. 

The crypto betting site flourished in the run-up to the U.S. presidential election last year, but data showed it continued to perform well in the following weeks, dispelling predictions of a post-election cycle slump. 

As reported by Crypto News, Polymarket’s eccentric and uncensored nature is evidenced by bettors able to place wagers on how many acres will be destroyed by the LA wildfires or how many times Elon Musk will post on X in the space of a week.

While it has continued to attract users with ways and means to access the platform, this latest setback in Singapore is another blow to the reputation of the alternative betting market. 

Crypto exchange platform Coinbase also received a subpoena by the U.S. Commodity Futures Trading Commission (CFTC) this week, regarding an investigation into Polymarket.

polymarket在坡正式定义为博彩网站，想下注只能去国营博彩公司哦，否则面临罚款和坐牢哦 pic.twitter.com/VdoozWAVgE

— alexzuo