Singapore blocks access to the blockchain-based prediction platform Polymarket, citing concerns about illegal gambling. The company has also faced restrictions and bans in other countries, and its future looks uncertain.
Singapore has blocked access to the blockchain-based prediction platform Polymarket, joining other nations in scrutinising its legality. The move is part of Singapore’s ongoing efforts to regulate online gambling activities, which saw 3,800 websites and S$37 million in transactions blocked by the end of 2024.
Polymarket, which enables users to trade on the outcomes of real-world events from politics to sports, such as the result of the recent Presidential election in the US, became inaccessible to Singaporean users on 12 January 2025.
Although the platform does not specifically target Singaporean users, its global popularity has led some to access it via VPNs, complicating enforcement issues.
The Gaming Regulatory Authority (GRA) of Singapore declared the platform illegal and ordered Internet Service Providers (ISPs) to block access to the website, saying the platform’s operations were inconsistent with the country’s crypto and gambling laws.
Singaporeans who violate the ban will be fined up to S$10,000 ($7,280) and could be imprisoned for six months.
Polymarket’s ban aligns with Singapore’s increasingly strict online casino regulations, which recognise Singapore Pools as the only authorised online gambling provider in the country.
The action against Polymarket coincides with Singapore’s recent strengthening of its gambling regulations. These include amendments to the Casino Control Act that permit cashless gaming at its integrated resorts, although they exclude cryptocurrency transactions.
Polymarket has also been restricted or banned in several other jurisdictions, but its exit from the Singaporean market was relatively low-key.
Users in Singapore discovered that the platform had been blocked upon trying to gain access. Instead of connecting to the prediction market, those trying to access Polymarket were greeted by a message that read:
“You have attempted to access an illegal gambling site hosted by an unlicensed gambling service provider. Singapore Pools is the only licensed online gambling provider in Singapore.”
The message also courteously reminded consumers of the possible penalties for accessing the site, which included a fine, imprisonment, or both.
Polymarket allows traders on its platform to place bets using crypto by purchasing “yes” or “no” shares on the outcomes of a range of events. The US Presidential election of 2024 turned into a sensation, with $5 billion in trade logged in October and November.
The excitement came quickly and faded just as rapidly. By December, trade volumes had slumped to $1.9 billion, and January figures currently reflect approximately $515 million. Polymarket’s ongoing trouble with U.S. regulators adds to its woes.
The Commodity Futures Trading Commission (CFTC) has been investigating the platform over possible violations of U.S. financial regulations. In 2022, the platform barred U.S. users from settling with the CFTC, but enforcement remains relentless. In November, the FBI executed a search warrant on Polymarket CEO Shayne Coplan as part of a criminal probe.
The company’s remarkable rise was fuelled by its twist on prediction markets. It allows users to speculate on everything from election outcomes to celebrity red-carpet antics, and during the 2024 Presidential elections, it handled record-breaking volumes.
Blockchain data shows November’s peak volume was 37,700% higher than the previous year, drawing regulators’ attention and making it a global target for investigation.
France and Taiwan also restricted the technology platform in 2024. Critics in these countries cited ethical concerns regarding some of the company’s betting options and highlighted the backlash the platform faced for offering wagers on the California wildfires.
Many viewed this as profiteering from tragedy and human suffering, exacerbated by the company's failure to respond to requests for comment or to react to the criticism.
Instead, Polymarket claims its goal is to act as a “source of truth,” predicting global events before the traditional media catches up. Still, this spin has not shielded it from controversy.
The company has been labelled a gambling operation rather than a source of information by authorities in Thailand and Singapore, dealing a further blow to its credibility.
Notably, Polymarket isn’t the only platform under the microscope. The CFTC is also investigating other crypto platforms.
Crypto.com is under review for offering futures contracts tied to major sporting events like the Super Bowl. Kalshi has also faced criticism for markets tied to high-profile tragedies, such as the murder of a top UnitedHealth executive.
Polymarket’s outstanding 2024, which saw a phenomenal trading performance, seems like a distant memory in 2025, as it faces ethical and legal challenges.
The company’s steep decline is evident from the drop in the value of its unresolved markets which fell 77% between November and January. While it was once a high-flyer and dominated the crypto prediction markets, its future now looks uncertain.
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