- Singapore’s regulator mentioned Singapore Swimming pools is the one licensed playing operator within the nation
- Anybody who makes use of an unlicensed playing service is liable to face a effective of up to $10,000, six months in jail, or each
- Different nations which have restricted entry to Polymarket embody France, Taiwan, and the US
Singapore’s playing regulator has banned prediction market Polymarket, defining it as an “illegal gambling site.”
Alex Zuo, Cobo’s vp of funding and custody, posted a screenshot on X on Sunday displaying a discover from Singapore’s Gaming Regulatory Authority (GRA). The GRA warned customers that Singapore Swimming pools is the one licensed playing operator within the nation and that Polymarket is taken into account unlawful, including:
“Under Section 20 of the Gambling Control Act 2022, a person convicted of gambling with unlicensed gambling service providers is liable for a fine of up to $10,000, or a jail term of up to six months, or both.”
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
(@alexzuo4) January 12, 2025
International locations proscribing Polymarket
Singapore is the most recent nation to take motion to limit entry to Polymarket. In August, Polymarket was scrutinised as US lawmakers intensified efforts to ban playing in American elections.
In November, Polymarket confronted regulatory motion in France after an nameless dealer, netted practically $50 million wagering on Donald Trump’s victory within the US presidential election. French authorities, significantly the Autorité Nationale des Jeux (ANJ), blocked the platform after breaching native playing legal guidelines.
Deciding to take motion, Polymarket opted to dam France-based customers on the finish of November. France was a serious marketplace for the platform after it blocked US customers underneath a 2022 settlement with the Commodity Futures Trading Fee.
Additionally in November, the FBI seized CEO Shane Coplan’s cellphone and electronics after raiding his residence. In keeping with a report within the New York Publish, unnamed sources mentioned: “The government is likely trying to accuse Polymarket of market manipulation and rigging its polls in favor of Trump.”
Taiwan additionally restricted entry to Polymarket in 2024.