The Gambling Regulatory Authority (GRA) of Singapore has taken decisive action against Polymarket, a cryptocurrency-based predictions platform. The regulator has blocked access to the platform, citing its operation as an "illegal gambling site" under Singapore’s Gambling Control Act 2022.‍

Regulatory Clampdown

Reports of the platform’s restriction first surfaced on Sunday evening when Alex Zuo, Vice President of Investments and Custody at Cobo, shared a screenshot of the GRA’s warning notice on Twitter. Users attempting to access Polymarket from Singapore were met with a message declaring the site illegal due to its unlicensed operations.

The ban was confirmed by multiple sources based in Singapore and by a screenshot reviewed by Decrypt. Although some users reportedly managed to bypass the restriction using VPN services, access for those connected through major local telecom providers remains blocked.

Polymarket and the GRA have yet to issue official statements addressing the restriction.‍

Polymarket’s Controversial History

Polymarket gained prominence during the recent U.S. election cycle, amassing nearly $2.5 billion in monthly trading volume in October 2024, with an additional $1.2 billion in November. The platform allows users to bet on outcomes of various events, including political elections, cultural trends, and economic predictions.

Despite its growing popularity, data shows that most traders on Polymarket have lost money, even as a few "whale" investors made millions during the U.S. presidential election. The platform’s approach to predictions markets has increasingly drawn regulatory scrutiny across multiple jurisdictions.

In 2022, Polymarket settled with the US Commodity Futures Trading Commission (CFTC), paying a $1.4 million fine for offering unregistered derivatives. Following the settlement, the platform blocked U.S. users, demonstrating its willingness to make strategic exits in response to legal challenges.

Singapore’s decision to block Polymarket stems from Section 20 of the Gambling Control Act 2022, which imposes strict penalties for engaging with unlicensed gambling services. Violators can face fines of up to SGD 10,000 or six months in prison.