#Singapore locks down Polymarket#
Hot Topic Overview
Overview
Singapore has recently blocked the prediction market platform Polymarket, as it has been deemed an unlicensed gambling website by the Singapore authorities. Under Singapore’s Gambling Control Act 2022, it is illegal to place bets with unlicensed operators. Singaporean users who visit Polymarket’s website are met with a notice informing them that it is an illegal gambling website and warning them that they could face a fine of up to $10,000 or imprisonment for up to six months.
Ace Hot Topic Analysis
Analysis
Singapore authorities have classified Polymarket as a gambling website and implemented a block. According to sources, Singapore users will receive a prompt when accessing the Polymarket website, stating that it is an illegal gambling website hosted by an unlicensed gambling service provider, and users may face a fine of up to $10,000 or six months' imprisonment. Singapore authorities cited the Gambling Control Act 2022, which prohibits betting with unlicensed operators, as the reason for blocking Polymarket. This event has sparked concerns about Singapore's regulation of cryptocurrency trading and the impact on Polymarket's future development.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Singapore has classified Polymarket as a gambling website and blocked it.
Singapore users will receive a warning when accessing Polymarket's website, stating that it is an illegal gambling website and they could face fines or imprisonment.
Singapore's reason for blocking Polymarket is due to concerns about unlicensed gambling, which violates the Gambling Control Act 2022.
The blocking of Polymarket means Singapore users can no longer use the platform for prediction market trading.