Polymarket is being scrutinized by several international jurisdictions. (Photo by Cem Ozdel/Anadolu Agency/Getty Images)
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Key Takeaways
Thailand joins the growing list of countries mulling a ban on crypto betting platform Polymarket.
Singapore blocked access to the crypto-betting platform Polymarket earlier in the week.
Singapore residents accessing the platform may face a $10,000 fine or up to six months in jail.
France, Taiwan, and the U.S. are considering or have implemented similar bans.
On Jan. 14, Thailand’s police proposed blocking access to the crypto prediction platform Polymarket, following a similar move by Singapore just days earlier.
The Singapore government enacted its ban on Jan. 12, citing concerns over the platform’s unregistered gambling activities.
Polymarket, which gained significant popularity during the U.S. election season, is now being scrutinized by several other international jurisdictions considering similar restrictions.
Thailand could soon join the expanding list of nations banning Polymarket after Thai police flagged the platform for displaying signs of illegal online gambling.
Authorities have called for an operation to suspend the site, stressing the need to protect citizens from the risks of online gambling and curb the use of cryptocurrency in illicit activities, which they warn could have serious economic and social consequences.
Global Crackdown on Polymarket Gains Momentum
Thailand’s ban is part of a broader international trend, with several countries either banning or considering bans on Polymarket.
Singapore
Singapore authorities have issued stern warnings for anyone attempting to access Polymarket.
According to a notice displayed to users within the country, violators could face fines of up to $10,000 or a maximum of six months in jail.
Under Singapore’s stringent gambling regulations, only government-sanctioned platforms, like Singapore Pools, are permitted to operate.
Despite not specifically targeting Singaporean users, the platform’s global popularity has led some to access it via VPNs, complicating enforcement efforts.
Polymarket blocked in Singapore. Source: X
While some Singapore users reported continued access to Polymarket, others found themselves blocked, sparking online debates and claims of misinformation.
United States
Polymarket has faced legal challenges in the U.S. for some time.
In 2022, the Commodity Futures Trading Commission (CFTC) fined the platform $14 million and restricted its operations.
Despite the probe, Polymarket continued to attract attention during the election season, prompting renewed investigations.
Reports suggest that the Federal Bureau of Investigation (FBI) has since raided the home of Polymarket’s CEO, seizing electronic devices as part of an ongoing inquiry.
France
In France, the National Gaming Authority began investigating Polymarket in late 2023.
The platform has been on regulators’ radar since before the U.S. elections.
French authorities have confirmed that Polymarket is not authorized to operate within the country, leading to blocked access for French users following the investigation.
The government cited similar concerns regarding unauthorized gambling operations.
The Future of Polymarket Amid Regulatory Challenges
Polymarket’s meteoric rise, especially during key political events like the U.S. elections, has drawn both public interest and regulatory ire.
Its ability to predict outcomes with remarkable speed—sometimes ahead of traditional media—has garnered support from high-profile figures, including Elon Musk and Donald Trump.
However, the platform’s future remains uncertain as it navigates legal hurdles across multiple jurisdictions.
With the change in U.S. administration, Polymarket may seek to repair relations and find a path to legitimacy, but the road ahead is fraught with challenges.
Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
His coverage spans major industry events, including the high-profile collapses of FTX, Three Arrows Capital (3AC), and LUNA, offering readers insightful analyses of their regulatory and market implications. Prashant’s technical background enables him to bridge the gap between intricate blockchain technology and its real-world applications, making his work accessible to novices and experts.
Beyond his professional pursuits, Prashant is an avid music enthusiast, often exploring diverse genres to unwind. A sports lover, he has a particular passion for cricket and frequently engages in discussions about the game. His multifaceted interests and sharp journalistic instincts make him a valuable contributor to CCN, where he continues shaping the crypto landscape's narrative.
