Singapore’s Gambling Regulatory Authority (GRA) has blocked access to Polymarket, a US-based cryptocurrency prediction market. The platform, headquartered in New York City, was regarded as an ‘illegal gambling site’ by the GRA, as it operates without a licence.
On Sunday evening, several Singaporean users reported being denied access to the site. Screenshots shared on social media revealed warning messages from the GRA displayed when attempting to open Polymarket’s website.
Users warned with disclaimer
The warning stated: “You have attempted to access an illegal gambling site hosted by an unlicensed gambling service provider.” It further warned that individuals found guilty of gambling with unlicensed providers could face fines of up to SGD 10,000 (approximately $7,200) or imprisonment for up to six months.
However, neither the GRA nor Polymarket has issued an official statement over the development. Both parties are yet to respond to requests for comment.
The GRA has been proactive in clamping down on illegal gambling activities. Since 2015, it has blocked over 3,800 gambling websites and halted 145,000 transactions valued at $27 million. Polymarket’s restriction marks the latest effort in this ongoing crackdown.
Globally, Polymarket has faced growing scrutiny. Taiwan became the first jurisdiction to block the platform, arresting 17 individuals in 2024 for betting on its presidential election markets.
In addition, French authorities also investigated Polymarket in late 2024, following reports that a French user wagered $28 million on a Trump victory using multiple accounts.
As a result, the prediction betting market opted to block France-based users, cutting out a major market for the site.
The platform’s regulatory troubles extend to the United States. In 2022, Polymarket reached a $1.4 million settlement with the U.S. Commodity Futures Trading Commission (CFTC) and agreed to block American users.
Additionally, in November 2024, an FBI raid on CEO Shayne Coplan’s New York apartment added to the controversy. Polymarket called the raid “political retribution.”
Despite these challenges, Polymarket remains active and profitable. In the first two weeks of 2025, the platform recorded over $430 million in trading volume. Of this, $15 million stemmed from wagers on the Super Bowl Championship, making it the largest market so far this year.
However, international pressure on cryptocurrency-based prediction markets to comply with local and global regulations continues to mount. Singapore’s move against Polymarket signals its commitment to regulating unlicensed online gambling platforms.
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