Another jurisdiction has Polymarket in its crosshairs. Over the weekend, Singapore’s Gambling Regulatory Authority (GRA) ordered local internet service providers to block access to the prediction market platform, according to reports from users in the city-state.
“You attempted to access an illegal gambling site hosted by an unlicensed gambling service provider,” the announcement said, warning that those found guilty of gambling on unlicensed service providers would be liable for a fine of up to SGD 10,000 ($7200) or a prison sentence of up to 6 months.
The GRA has yet to make a public announcement on the issue, nor have they launched an enforcement action against Polymarket according to a public directory.
Taiwan is the first jurisdiction to actively block its citizens from using prediction market platforms, and local law enforcement 17 people were arrested on the island for betting on the latest presidential election.
Taiwan’s local election law betting on election results is specifically prohibited.
Polymarket is also the target of gaming authorities in France, and blocked users in the country from accessing the platform.
Recently, the US Commodity Futures Trading Commission subpoenaed Coinbase seeking information about US citizens trading on Polymarket as part of a ongoing investigation.
