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Singapore Bites the Bullet: Blocks Access to Cryptocurrency-Based Prediction Platform Polymarket
In a significant move, Singapore has blocked access to cryptocurrency-based prediction platform Polymarket, citing non-compliance with the country’s gambling laws. The decision marks another major setback for the platform, which is already facing restrictions in other countries.
As per reports, the Government of Singapore, through its regulatory body, the Gambling Control Commission (GCC), has ordered internet service providers to block access to the platform. This move effectively prevents users from accessing Polymarket’s services within the country.
The reason behind this drastic measure is that Polymarket does not comply with the strict gambling laws in place in Singapore. The country has only one licensed online gambling operator, state-owned lottery subsidiary Singapore Pools, making it a virtual monopoly.
Polymarket’s activities have been deemed illegal by the GCC, and users who access or participate in such services risk facing fines and imprisonment. In a statement, the GCC emphasized that anyone engaging in unlicensed gambling can be held liable for a fine of up to SGD 10,000 (approximately USD 7,500) or face a maximum jail term of six months.
This development comes as no surprise, considering Singapore’s stance on gambling regulations. France and the United States have also taken similar actions against Polymarket in recent months. The Commodity Futures Trading Commission (CFTC), an American regulatory body, blocked access to Polymarket for operating as an unregistered derivatives trading platform.
In November of last year, French authorities issued a warning to prevent users from accessing the platform due to non-compliance with the country’s gambling laws.
Polymarket has been criticized in the past for its lack of transparency and questionable business practices. The platform allows users to bet on various market predictions, including cryptocurrency prices and other financial assets. However, many experts have raised concerns about the potential risks associated with these activities.
The move by Singapore is a clear indication that governments around the world are increasingly taking a firm stance against unregulated online gambling platforms. This decision serves as a stark reminder of the importance of compliance with local regulations for such businesses.
As the cryptocurrency space continues to evolve, it’s crucial for platforms like Polymarket to adapt and comply with local laws and regulations.
Source: bitcoinist.com
