Singapore Blocks Access to Crypto-Based Prediction Market Polymarket as Part of Gambling Crackdown

blocked access to Polymarket, a cryptocurrency-based prediction market, as part of a crackdown on unlicensed gambling platforms.

Singapore has blocked access to Polymarket, a cryptocurrency-based prediction market, as part of a broader crackdown on unlicensed gambling platforms in the country.

On Jan. 12, multiple users reported being unable to access Polymarket in Singapore.

Alex Zuo, investment and custody vice president at Cobo Global, posted on X:

Visitors attempting to access the site from Singapore receive a warning referencing Section 20 of the Gambling Control Act 2022. The act imposes fines of up to 10,000 Singapore dollars, jail terms of up to six months, or both, for gambling with unlicensed operators.

“You have attempted to access an illegal gambling site hosted by an unlicensed gambling service provider. Singapore Pools is the only licensed online gambling operator in Singapore,” reads the warning from the Gambling Regulatory Authority (GRA).

Source: Alex Zuo

Established on Aug. 1, 2022, the GRA oversees all forms of gambling in Singapore. It was formed by reconstituting the Casino Regulatory Authority to create a single regulatory body capable of addressing evolving gambling products and services.

Polymarket operates on the Polygon blockchain, allowing users to bet on world events using USD Coin ( USDC ).

Related: US presidential race bets near $4B on election day

As of press time, Polymarket and the GRA did not respond to Cointelegraph’s request for comment.

However, GRA maintains a public list of all licensed and unlicensed gambling operators, which includes Polymarket. On Dec. 30, the GRA announced in a Facebook post that it had blocked over 3,800 gambling websites and 145,000 transactions since 2015.

According to the GRA, these transactions amounted to SG$37 million ($27 million) in total. Notably, Singapore has solidified its position as a global leader in the blockchain and cryptocurrency industry, according to a December study by ApeX Protocol. The study notes that Singapore boasts 1,600 blockchain patents, 2,433 industry-related jobs and 81 cryptocurrency exchanges.

Hong Kong ranked second in the study, with 890 blockchain patents, 1,163 related jobs and 52 cryptocurrency exchanges.

In 2024, Singapore doubled its issuance of digital asset licenses, with the Monetary Authority of Singapore granting 13 major payment institution licenses for crypto exchanges — more than twice the number issued in 2023 — according to local reports.

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Polymarket has faced its share of regulatory hurdles. On Jan. 8, Coinbase notified users that it had received a subpoena from the U.S. Commodity Futures Trading Commission concerning Polymarket.

According to the notice, Coinbase may be required to provide user account data unless legal action is taken to block the request by Jan. 15.

In 2022, Polymarket settled with the CFTC for operating an unregistered derivatives trading platform. The settlement included a $1.4 million fine and a cease-and-desist order, which led to the platform blocking U.S. customers.

In November 2024, the platform blocked French users following reports of an investigation by French authorities into its compliance with gambling laws.

Polymarket continues to see significant activity. Within the first few days of 2025, the platform has recorded $431 million in trading volume, with its largest market, the Super Bowl Championship 2025, attracting over $15 million in wagers since the start of the year, according to data from Dune Analytics.