Singapore blocks access to blockchain prediction platform Polymarket

The ban aligns Singapore with other nations which have also scrutinised the legality of Polymarket’s operations.

block chain ban
Listen To Article

Key points:

- Singapore has banned Polymarket, joining other countries that have already restricted the blockchain-based prediction platform

- Violations of the ban could result in S$10,000 fines and six months imprisonment

- The move is part of Singapore's broader regulation of online gambling, which has blocked thousands of websites and millions in transactions

Singapore has joined a growing list of countries restricting access to Polymarket, a blockchain-based prediction trading platform, as part of its ongoing efforts to regulate online gambling activities.

The Gaming Regulatory Authority (GRA) of Singapore has declared the platform illegal, with violations carrying penalties of up to S$10,000 ($7280) in fines and six months imprisonment.

Polymarket, which enables users to trade on outcomes of real-world events ranging from politics to sports, became inaccessible to Singaporean users on 12 January 2025.

Good to know: The restriction of Polymarket in Singapore mirrors similar actions taken by other jurisdictions, including the United States, France and Taiwan; the platform's terms of service also exclude users from several countries, including Bolivia, Venezuela and Iran

The platform's restriction aligns with Singapore's strict gambling regulations, which recognise Singapore Pools as the sole authorised online gambling provider in the country.

The move follows Singapore's broader crackdown on unlicensed online gambling services, which has resulted in the blocking of over 3,800 websites and S$37m in prevented transactions by the end of 2024.

This enforcement action also coincides with Singapore's recent modernisation of its gambling regulations, including amendments to the Casino Control Act that permit cashless gaming at its integrated resorts (though explicitly excluding cryptocurrency transactions).

Premium+ Connections
Premium
 
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium Connections
Consultancy
Executive Profiles
Soft2Bet
Scientific Games
Follow Us

Facing Facts: Q3 2024 analysis

Gambling Insider takes a look at the Q3 results of operators...

Taking stock: The final count of 2024

Gambling Insider tracks operator and supplier prices of some...

CEO Special: Flutter CEO Peter Jackson – Playing to win

As the biggest publicly traded operator in gambling meets th...

CEO Special: Holland Casino CEO Petra de Ruiter – High flier

Petra de Ruiter, Holland Casino CEO, speaks to Gambling Insi...

A welcome from your host

A message from the Founder of the Global Gaming Awards and G...

From the event manager

A message from the Event Manager of the Global Gaming Awards...

From the Awards adjudicator

KPMG in the Crown Dependencies is the official voting adjudi...

The process

The Global Gaming Awards have deservingly earned the reputat...