Thailand is preparing to ban Polymarket, a decentralized prediction marketplace, due to concerns over its involvement in cryptocurrency-based betting, which authorities label as illegal online gambling. The country’s cybercrime investigation bureau made the announcement on January 15, 2025, following similar actions by other countries, including Singapore, the U.S., France, and Taiwan.
Polymarket operates on a blockchain and allows users to place bets on various global events using cryptocurrency. Thai authorities have expressed concern about the platform’s unregulated nature, warning that it could cause significant economic and social harm. The platform’s ability to facilitate bets on virtually any topic using cryptocurrency is a key reason for the scrutiny, as such operations fall under Thai gambling laws.
Thai officials emphasized that the platform contributes to illegal gambling activities and poses risks for individuals by enabling betting in an unregulated environment. While the specific timeline for the ban is not yet clear, Thailand joins other nations in taking a tough stance against crypto-based betting platforms.
Global Crackdown on Polymarket
This move follows Singapore’s recent restrictions on Polymarket, which were implemented on January 12, 2025. The Singaporean Gaming Regulatory Authority (GRA) issued a ban on the platform, citing violations of local gambling laws. Users found violating the ban could face hefty fines and imprisonment.
Other countries have also imposed their own restrictions. The U.S., France, and Taiwan have declared Polymarket illegal, with Taiwan even prosecuting a user for placing a $530 bet. Additionally, the U.S. Commodity Futures Trading Commission (CFTC) reportedly issued a subpoena to Coinbase, seeking customer data connected to Polymarket, signaling a broader regulatory effort to clamp down on unlicensed decentralized platforms.
Polymarket has drawn significant attention globally due to its rapid growth, with over $1.7 billion in trading volume and $118 million in total value locked. Despite its success, the platform is facing mounting legal and regulatory challenges as authorities worldwide seek to impose stricter controls on cryptocurrency-based betting markets.
Related topics:
Dogecoin (DOGE) at a Crossroads: Will It Break Through or Retreat?
XRP Struggles to Break Resistance as Bearish Sentiment Mounts
“Fart Coin Surges 116% in 24 Hours, Reaches $1.34B Market Cap”
