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 users in the city-state.
“You have attempted to access an illegal betting site hosted by an unlicensed betting service provider,” the announcement reads, warning that those found guilty of betting with unlicensed service providers will face a fine of up to SGD 10,000. ($7,200) or to jail. penalty of up to 6 months.
The GRA has not yet made a public announcement on the issue, nor has it initiated enforcement action against Polymarket, according to a public directory.
Taiwan was the first jurisdiction to actively prevent its citizens from using the prediction market platform, and local authorities arrested 17 people on the island for betting on its most recent presidential election.
Taiwanese local election law specifically prohibits betting on the outcome of the election.
Polymarket has also been targeted by gaming authorities in France and has blocked users in the country from accessing the platform.
Recently, the US Commodity Futures Trading Commission subpoenaed Coinbase to seek information about US citizens trading on Polymarket as part of an ongoing investigation.
