Thailand proposes ban on Polymarket amid rising global scrutiny

Rajashree Seal January 16, 2025

SiGMA news

Just days after Singapore blocked access to the crypto-betting platform Polymarket, Thailand too joined the growing list of countries taking action against the decentralised prediction marketplace. Thai police flagged Polymarket for showing signs of illegal online gambling, following which the nation’s Cyber Crime Investigation Bureau proposed banning the platform, citing illegal online gambling activities prohibited under the country’s laws.

While the timeline for the proposed shutdown remains unclear, officials are prioritising prompt action to safeguard citizens and prevent exploitation. During a recent press briefing, Technology Crime Suppression Division (TCSD) commander Trairong Phiwpaen said that suspending Polymarket is important to protect against online gambling and crypto misuse as it poses “economic and social risks”.

Earlier on January 12, Singapore blocked Polymarket under the Gambling Control Act 2022, labelling it an “illegal gambling site.” Users attempting to access the platform in Singapore face penalties of up to $10,000 in fines or six months’ imprisonment.

Despite the ban, some users reportedly used VPNs to bypass restrictions, raising concerns about enforcement challenges.

Global crackdown on cards?

Thailand’s proposed ban is seen as a part of a broader international trend, as several other countries are either banning or considering bans on Polymarket. While Singapore already blocked access to the platform, Taiwan took action action against the platform in 2023 by prosecuting users for placing bets on the platform.

Meanwhile, Polymarket has faced legal challenges in the US as well. In 2022, th and restricted its access to US users. As per reports, the Federal Bureau of Investigation (FBI) has also raided the home of Polymarket’s CEO, seizing electronic devices as part of an ongoing probe.

In France too, the National Gaming Authority began investigating Polymarket in late 2023. “We are familiar with this site and are currently examining its operation and compliance with France’s legislation on gambling,” the National Gaming Authority said.

Polymarket’s rise and challenges

Polymarket’s activities, particularly during the US elections 2024, have drawn public interest as well as regulatory scrutiny worldwide. During the election period, Polymarket recorded an impressive $3.6 billion in trading volume, with much of the focus on the US presidential race.

The platform’s ability to predict outcomes, sometimes ahead of traditional media, garnered attention from high-profile personalities like Tesla CEO Elon Musk and US President-elect Donald Trump.

While the platform continues to draw users, regulatory challenges have overshadowed its success. Even after facing multiple bans across the world, it recorded over $991.93 million in trading volume in the past 30 days, as per DappRadar data.

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