Betting platform Polymarket has faced another blow with regulator authorities, As per reports from January 13th, due to its unlicensed status, Singapore had officially blocked the cryptocurrency betting platform Polymarket.
The ban stays in tandem with other nations, that have also had a bone of contention with the online betting platform, restricting its population to use it.
Why is Polymarket Facing the Ban?
According to Singapore’s Home Affairs Minister, the new prohibition follows a nationwide crackdown on unlicensed online gambling providers that resulted in the closure of over 3,800 websites and the blocking of $37 million worth of transactions.
However, one interesting thing to note is that the strict watch and restrictions are not pan-crypto sector in Singapore. Singapore has established itself as a leading nation that embraces innovation and cryptocurrencies. The city-state has embraced blockchain technology and cryptocurrencies with a robust regulatory framework.
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Polymarekt Faces a Ban in Other Nations
Singapore is not the only place where Polymarket has faced hot waters with regulators. Recently, the French government had also announced that it was preparing to prohibit Ploymarket because of the large sums of money that were wagered on the platform during the US elections in 2024.
Polymarket reportedly saw $3.5 billion in trade activity during the U.S. presidential election, making the National Gaming Authority (ANJ) of France take the step to block it.
The rules that make gambling illegal in France are the primary point of conflict between the French government and the speculative app, not the money.
In the same tone, Taiwan banned access to Polymarket in 2024 and even brought charges against a guy who used the website to wager about $530 on political elections.
Polymarket’s terms of service also forbid users from Bolivia, Venezuela, Iran, and other nations. Numerous regulators have often expressed disapproval of the online betting site Polymarket.
Although the 2024 US elections fueled a lot of activity on Polymarket, the platform is not legally permitted to provide services to US users as well.
In 2022, the platform was fined $1.4 million by the Commodity Futures Trading Commission (CFTC) for breaking regulations governing the marketing of event-based binary options.
Polymarket had agreed to, at least in theory, prohibit users with U.S.-based addresses after the CFTC’s actions. However, that does not seem to be the case now.
Polymarket contracts, according to the CFTC, are regulated swaps that are exclusively accessible to US investors on an exchange that has a license.
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