{"id":8126,"date":"2025-01-16T11:46:32","date_gmt":"2025-01-16T11:46:32","guid":{"rendered":"https:\/\/sbceurasia.com\/en\/?p=8126"},"modified":"2025-01-16T11:46:38","modified_gmt":"2025-01-16T11:46:38","slug":"singapore-declares-polymarket-an-illegal-gambling-site","status":"publish","type":"post","link":"https:\/\/sbceurasia.com\/en\/2025\/01\/16\/singapore-declares-polymarket-an-illegal-gambling-site\/","title":{"rendered":"Singapore Declares Polymarket an Illegal Gambling Site"},"content":{"rendered":"\n

As part of Singapore\u2019s crackdown on unlicensed gambling platforms, the country has blocked access to crypto-based prediction firm, Polymarket<\/strong>.<\/p>\n\n\n\n

On 12 January, multiple users reported that they were unable to access Polymarket in Singapore, and those who do use it risk an SGD 10,000 ($7300) penalty, six months in jail, or both.<\/p>\n\n\n\n

This is because the country only permits gambling through a state-owned entity. Polymarket has been described as quite a controversial platform after having been under scrutiny for its handling of US election-related betting.<\/p>\n\n\n\n

Investment and Custody VP at Cobo Global, Alex Zuo,<\/strong> posted on X:<\/a> \u201cPolymarket is officially defined as a illegal gambling website in Singapore. If you want to place a bet, you can only go to a state-owned gambling company. Otherwise, you will face fines and imprisonment.\u201d<\/p>\n\n\n\n

Moreover, unlicensed gambling operators themselves receive a penalty of SGD 500,000, ($365 372) along with imprisonment of up to seven years, while repeat offenders face a steeper penalty of SGD 700,000 ($511 588) with prison time of up to 10 years, the GRA outlines.<\/p>\n\n\n\n

The authority clarified: \u201cIt is unlawful for any person to provide unlicensed remote gambling services in or from Singapore, or from outside Singapore to persons situated in Singapore.\u201d<\/p>\n\n\n\n

As of the start of the year, Singapore authorised its police force to block access to \u201cunlawful remote gambling services, the advertising of such services, and payment transactions\u201d.<\/p>\n\n\n\n

Taiwan was the first to block its nationals from using Polymarket, and local law enforcement arrested 17 people on the island for betting on its most recent presidential election.<\/p>\n\n\n\n

Local Taiwanese election law specifically prohibits betting on the outcome of elections.<\/p>\n\n\n\n

Similarly in France, Polymarket has also been the target of gaming authorities and the country has blocked all access to it.<\/p>\n\n\n\n

Don’t forget to subscribe to our Telegram channel!<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

As part of Singapore\u2019s crackdown on unlicensed gambling platforms, the country has blocked access to crypto-based prediction firm, Polymarket. On 12 January, multiple users reported that they were unable to access Polymarket in Singapore, and those who do use it risk an SGD 10,000 ($7300) penalty, six months in jail, or both. This is because […]<\/p>\n","protected":false},"author":10,"featured_media":8127,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[4,3170,7,1],"tags":[11145,8503,11144,1159,46,10968,219,62,11143],"class_list":["post-8126","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-betting","category-crypto","category-igaming","category-news","tag-alex-zuo","tag-blocking","tag-cobo-global","tag-cryptocurrency-2","tag-gambling","tag-polymarket","tag-singapore","tag-sports-betting","tag-unlicensed-platforms"],"yoast_head":"\nSingapore Declares Polymarket an Illegal Gambling Site - SBC EURASIA EN<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sbceurasia.com\/en\/2025\/01\/16\/singapore-declares-polymarket-an-illegal-gambling-site\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Singapore Declares Polymarket an Illegal Gambling Site - SBC EURASIA EN\" \/>\n<meta property=\"og:description\" content=\"As part of Singapore\u2019s crackdown on unlicensed gambling platforms, the country has blocked access to crypto-based prediction firm, Polymarket. 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