- Singapore's regulator mentioned Singapore Swimming pools is the one licensed playing operator within the nation
- Anybody who makes use of an unlicensed playing service faces a tremendous of as much as $10,000, six months in jail, or each.
- Different international locations which have restricted entry to Polymarket embody France, Taiwan and the US
Singapore's playing regulator banned prediction market Polymarket, defining it as an “unlawful playing web site”.
Alex Zuo, Cobo's vice chairman of funding and administration, posted a screenshot on X on Sunday displaying a discover from Singapore's Gaming Regulatory Authority (GRA). The GRA warned customers that Singapore Swimming pools was the one licensed playing operator within the nation and that Polymarket was thought of unlawful, including:
“Beneath part 20 of the Playing Management Act 2022, an individual convicted of playing with unlicensed playing service suppliers is liable to a tremendous of as much as $10,000 or to imprisonment for a time period of as much as six months, or to each.”
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Nations proscribing Polymarket
Singapore is the most recent nation to take measures to limit entry to Polymarket. In August, Polymarket got here beneath scrutiny as US lawmakers stepped up efforts to ban playing in US elections.
In November, Polymarket confronted regulatory motion in France after an nameless dealer wager almost $50 million on Donald Trump profitable the US presidential election. French authorities, notably the Autorité Nationale des Jeux (ANJ), blocked the platform after violating native playing legal guidelines.
Polymarket determined to take motion and determined to dam customers from France on the finish of November. France has been a significant marketplace for the platform after it blocked US customers beneath a 2022 take care of the Commodity Futures Buying and selling Fee.
Additionally in November, the FBI seized CEO Shane Coplan's telephone and electronics after raiding his residence. In response to a report within the New York Put up, unnamed sources mentioned, “The federal government is probably going making an attempt to accuse Polymarket of manipulating the market and manipulating polls in Trump's favor.
Taiwan additionally restricted entry to Polymarket in 2024.
