Singapore's regulator has decided to block access to Polymarket, a popular online betting platform, citing its lack of licenses to operate in the country.
The move comes amid growing international pressure on the platform, which became popular for its remarkable ability to predict major events, such as the US presidential election.
During the elections, Polymarket surprised with highly accurate predictions, outperforming pollsters and traditional media. However, its nature as a betting platform has led several governments, including Singapore, to take drastic measures against it.
The blocking of Polymarket in Singapore is underpinned by the Gambling Control Act 2022, which strictly regulates online gambling activities in the city-state. According to this regulation, citizens who try to access the platform face severe sanctions, including:
- Fines of up to USD 10,000.
- Prison sentences of up to six months.
- Or even both, depending on the severity of the case.
When trying to access Polymarket, users encounter a warning screen informing about the associated penalties. Only state-approved and managed platforms are allowed to operate in Singapore.
The case of Singapore is not isolated. In France, Polymarket was also banned following scandals involving large profits made by some local traders. This country, known for its strict stance towards illegal gambling, took swift action to block the platform, turning the issue into a matter of national interest.
In the United States, Polymarket already faces legal restrictions. Despite its ban, millions of American users are suspected of accessing the site using virtual private networks (VPNs). In November, during the height of the election, the FBI raided the residence of Polymarket CEO Shayne Coplan, seeking evidence of illegal activity related to the platform.
The Polymarket case reflects the delicate balance between innovation and regulation in the world of blockchain and online betting. While its predictive ability is admired, its lack of compliance with local laws puts it in the crosshairs of governments like Singapore, which prioritize control over gambling activities.
Source: Alejandro Gil / Cryptotrend.
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