Singapore Cracks Down on Polymarket
The Gambling Regulatory Authority (GRA) of Singapore has blocked access to Polymarket, labeling it an unlicensed gambling site. Users attempting to access the platform are met with warnings citing the Gambling Control Act 2022.Polymarket’s Troubled History
Polymarket has faced regulatory scrutiny globally, including a $1.4 million settlement with the U.S. CFTC in 2022 and restrictions in France following a high-profile betting controversy. These actions underscore its ongoing challenges with compliance.U.S. Election Betting Spurs Action
Polymarket’s U.S. election betting markets, which saw billions in trading volume, have drawn the ire of regulators worldwide. In November, a trader’s $45 million bets on Trump’s victory intensified regulatory focus in multiple jurisdictions.Escalating Global Investigations
Beyond gambling laws, Polymarket is under investigation for broader regulatory breaches. This includes an FBI raid on CEO Shayne Coplan's residence, further complicating its operations and public image.Implications for Prediction Markets
While Polymarket has driven growth in decentralized prediction markets, regulatory pushback may limit its operations. However, its user base continues to expand, with monthly active users exceeding 340,000 in December 2024.
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