Another jurisdiction has Polymarket in its sights. Over the weekend, Singapore’s Gaming Regulatory Authority (GRA) ordered local internet service providers to block access to the prediction market platform, according to reports from city users -State.
“You attempted to access an illegal gambling site hosted by an unlicensed gambling service provider,” the statement said, warning that those found guilty of gambling with unlicensed service providers are subject to fines. a fine of up to SGD10,000 ($7,200) or imprisonment. sentence of up to 6 months.
The GRA has not yet made a public announcement on the matter nor has it initiated any enforcement action against Polymarket, according to a public directory.
Taiwan was the first jurisdiction to actively prevent its nationals from using the prediction market platform, and local law enforcement arrested 17 people on the island for betting on its latest presidential election.
Taiwanese local election law specifically prohibits betting on the outcome of elections.
Polymarket has also been targeted by gambling authorities in France and blocked users in the country from accessing the platform.
Recently, the United States Commodity Futures Trading Commission subpoenaed Coinbase seeking information about U.S. persons trading on Polymarket as part of an ongoing investigation.
