Polymarket Classified as Gambling Website in Singapore, Access Blocked
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January 12, 2025 11:23 AM
In Brief:
Singapore has classified Polymarket as a gambling website and blocked access.
Users in Singapore face fines up to $10,000 or 6 months imprisonment for accessing unlicensed gambling platforms.
Polymarket, a popular prediction market platform, has been officially labeled as a gambling website in Singapore and blocked from access. Users attempting to log in are greeted with a warning stating that the site is hosted by an unlicensed gambling service provider. Violations may result in fines of up to $10,000 or imprisonment for up to six months.
The classification highlights Singapore's stringent stance on unlicensed gambling platforms and its ongoing efforts to regulate online activities. Polymarket has yet to respond publicly to the designation or clarify its position regarding compliance with Singapore's regulations.
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