{"id":7377,"date":"2025-01-13T14:31:48","date_gmt":"2025-01-13T14:31:48","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=7377"},"modified":"2025-01-13T14:31:48","modified_gmt":"2025-01-13T14:31:48","slug":"sinagapore-bans-crypto-based-prediction-platform-polymarket","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=7377","title":{"rendered":"Sinagapore Bans Crypto-Based Prediction Platform Polymarket"},"content":{"rendered":"
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Singaporean regulatory authorities declared a US-based cryptocurrency-based prediction market as an illegal gambling site, leading to the imposition of a ban on the website.<\/p>\n

Users of the crypto-based betting platform Polymarket can no longer access the website since Singapore classified it as an \u201cunlicensed online gambling operator,\u201d<\/a> violating the country\u2019s stringent gambling law.<\/p>\n

Singapore Bans Polymarket<\/strong><\/h2>\n

Singapore\u2019s Gambling Regulatory Authority implemented the ban<\/a> on January 12, stopping access to the crypto-based prediction market site.<\/p>\n

\n\u201cPolymarket is officially defined as a gambling website in Singapore,\u201d crypto custody solutions provider Cobo Global Vice President of Investment and Custody Alex Zuo announced in a post.\n<\/p><\/blockquote>\n

Analysts described Polymarket<\/a> as an online platform allowing its users to bet on anything from elections to sports. However, the Gambling Regulatory Authority viewed the crypto-based betting platform as a gambling platform operating without a license in the said Asian country.<\/p>\n

\"\"<\/p>\n

Regulatory Body Warned Users<\/strong><\/h2>\n

Singaporeans who tried to access the betting platform received a warning from the state-run GRA, saying that Polymarket is an unlicensed gambling operator in the country.<\/p>\n

\u201cYou attempted to access an illegal gambling site hosted by an unlicensed gambling service provider,\u201d the regulator said in a notice posted on the website.<\/p>\n

\n

Polymarket banned in Singapore, classified as gambling site<\/p>\n

Decentralized prediction platform Polymarket has been reportedly blocked by Singapore, which classified it as a gambling site, according to BeInCrypto. The was shared in a recent X post by Alex Zuo, Vice President of\u2026<\/p>\n

\u2014 CoinNess Global (@CoinnessGL) January 12, 2025<\/a><\/p>\n<\/blockquote>\n

A Violation Of The Country\u2019s Gambling Law<\/strong><\/p>\n

The GRA said that Polymarket violates the country\u2019s Gambling Control Act 2022, which is the state law that governs \u201cunlawful gambling and the regulation of authorized gambling services outside of casinos.\u201d<\/p>\n

Under the law, all gambling operators who want to provide services to Singaporean residents are required to obtain proper licensing from the country\u2019s regulatory body.<\/p>\n

<\/p>\n

According to the country\u2019s regulator, there is only one licensed online gambling operator in the country, which is state-owned lottery subsidiary, Singapore Pools.<\/p>\n

\n\u201cIf you want to place a bet, you can only go to a state-owned gambling company, otherwise you will face fines and imprisonment,\u201d Zuo said in his X post.\n<\/p><\/blockquote>\n

Fines And Jail Time<\/strong><\/p>\n

State authorities warned that any person accessing unlicensed gambling platforms can face fines and imprisonment.<\/p>\n

\u201cUnder Section 20 of the Gambling Control Act 2022, a person convicted of gambling with unlicensed gambling service providers is liable for a fine of up to $10,000, or a jail term of up to 6 months, or both,\u201d the GRA stated.<\/p>\n

Resistance To Polymarket<\/strong><\/p>\n

Singapore\u2019s restriction to Polymarket is not an isolated case since the online betting platform is also encountering issues in other countries.<\/p>\n

France\u2019s National Gaming Authority flagged down the access to Polymarket in November last year. Reports said that the online betting platform did not fit in any of the allowed provisions under the strict French gambling laws.<\/p>\n

In the United States, the Commodity Futures Trading Commission also blocked the crypto-based betting platform for operating as an \u201cunregistered derivatives trading platform.\u201d<\/p>\n

Featured image from Pexels, chart from TradingView<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Singaporean regulatory authorities declared a US-based cryptocurrency-based prediction market as an illegal gambling site, leading to the imposition of a ban on the website. Users of the crypto-based betting platform Polymarket can no longer access the website since Singapore classified it as an \u201cunlicensed online gambling operator,\u201d violating the country\u2019s stringent gambling law. Singapore Bans […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-7377","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/7377","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7377"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/7377\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7377"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7377"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7377"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}