- Singapore blocks Polymarket citing unlicensed gambling under the Gambling Control Act 2022.
- Users accessing Polymarket in Singapore face fines up to SG$10K or 6 months jail.
- Polymarket recorded $431M in trading volume in early 2025 despite regulatory hurdles.
Singapore has taken a decision to restrict the access of Polymarket, as it has classified this cryptocurrency-based prediction market as a gambling site. This decision is in compliance with the Singapore’s anti-unlicensed gambling activities policy. According to reports on January 12, the site is blocked inside the country and users are being warned of possible fines and imprisonment. This is enforced by Gambling Regulatory Authority (GRA) on the gambling activities that are contained in the nation, making sure all the activities are carried out according to the state approved regulations.
These regulations are underpinned by the Gambling Control Act 2022, with which Section 20 in fact penalizes the unlicensed gambling. Under the law, those dealing with unlicensed operators can be fined up to 10,000 Singapore dollars or jailed for no more than six months. Such a measure is a reminder of Singapore’s commitment to controlling the development of the gambling activity and security of individuals from prohibited gambling risk.
International Challenges for Polymarket
Polymarket has encountered regulatory hurdles beyond Singapore, with authorities in France and the United States scrutinizing its operations. The platform, which allows users to bet on global events using USD Coin, has been under the watch of various regulatory bodies due to its unique market offerings. The National Gaming Authority (ANJ) in France has launched an inquiry after it emerged some $100 million was bet on events such as the US presidential election, allegedly breaching strict online gambling laws.
In the United States, things got serious when the Commodity Futures Trading Commission (CFTC) subpoenaed Coinbase to provide user data connected to Polymarket. Polymarket had settled a previous case where it was fined $1.4 million for operating as an unregistered derivatives trading platform. These continuous legal challenges reflect the complex landscape of regulatory compliance that platforms like Polymarket navigate in offering innovative financial services globally.
The Future of Prediction Markets
Despite the regulatory pressures, Polymarket continues to see substantial activity, with trading volumes reaching significant figures early in 2025. This demonstrates the persistent appeal of prediction markets as tools for harnessing public opinion on real-time events. However, the platform’s future will heavily depend on its ability to adapt to the diverse and evolving regulatory environments across different jurisdictions.
