Singapore has officially banned Polymarket, the decentralized crypto prediction platform, citing its violation of the nation’s stringent gambling regulations. The platform, which allows users to bet on real-world events using cryptocurrency, has been deemed an “illegal gambling website” under Singapore’s Remote Gambling Act of 2014.
Singapore’s gambling laws are among the strictest globally, permitting only government-approved betting activities such as state-run lotteries and sports betting. Polymarket’s unregulated nature has resulted in its removal from the country’s online services, as of January 11, 2025.
This move reflects the broader global challenges faced by decentralized platforms. The U.S. has been a major player in cracking down on Polymarket, with the Commodity Futures Trading Commission (CFTC) recently settling with the platform for regulatory violations. CFTC Chair Rostin Behnam has made it clear that the agency aims to maintain oversight over digital asset markets, signaling that platforms like Polymarket are under scrutiny.
Polymarket’s decentralized infrastructure, built on the Polygon blockchain (an Ethereum layer-2 solution), further complicates regulatory enforcement. Without a central authority to hold accountable, governments struggle to define legal frameworks, particularly in jurisdictions with strict gambling laws.
The platform’s legal troubles are not confined to Singapore or the U.S.; countries in the EU and Asia, including China, are also distancing themselves from Polymarket due to its lack of central oversight. As global regulations tighten, the platform’s international expansion faces significant hurdles.
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