Singapore, Thailand move to block Polymarket
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Singapore, Thailand move to block Polymarket

Activity on crypto-based predictions betting site soared during recent US presidential election

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The Polymarket home page offers a glance at the types of bets it accepts.
The Polymarket home page offers a glance at the types of bets it accepts.

Singapore and Thailand have moved to block the prediction markets platform Polymarket, adding to the regulatory hurdles facing the venue that surged in popularity during the US election.

Singapore’s Gambling Regulatory Authority blocked access to Polymarket in December as it was deemed to be providing unlawful gambling, a spokesperson said in a statement on Wednesday. Users on social media reported losing access to the site over the weekend.

In Thailand, law enforcement is preparing to propose a similar ban, local police said on Tuesday. Polymarket was found to be offering illegal online gambling in the country because it uses cryptocurrency for trades and bets, the police said in a statement.

Polymarket traders use crypto to place wagers on the site, buying “yes” or “no” shares on the outcomes of closely watched events, including economic indicators, weather patterns, awards, as well as political and legislative outcomes. 

Betting on the US election caused demand to skyrocket, with nearly $5 billion in turnover recorded on Polymarket across October and November. 

That excitement has since subsided, with volumes and open interest falling significantly.

At the same time, regulatory scrutiny has mounted, including restrictions in France and Taiwan and an ongoing inquiry by the US Commodity Futures Trading Commission.

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