{"id":45249,"date":"2025-01-13T20:22:51","date_gmt":"2025-01-13T20:22:51","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/singapore-blocks-polymarket-calls-it-an-illegal-gambling-site\/"},"modified":"2025-01-13T20:22:51","modified_gmt":"2025-01-13T20:22:51","slug":"singapore-blocks-polymarket-calls-it-an-illegal-gambling-site","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/singapore-blocks-polymarket-calls-it-an-illegal-gambling-site\/","title":{"rendered":"Singapore blocks Polymarket, calls it an \u201cillegal gambling site\u201d"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div data-site=\"CoinJournal\">\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\" data-site=\"CoinJournal\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/09\/EigenLayer-prepares-for-EIGEN-token-transfer-restrictions-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/09\/EigenLayer-prepares-for-EIGEN-token-transfer-restrictions-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/09\/EigenLayer-prepares-for-EIGEN-token-transfer-restrictions-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/09\/EigenLayer-prepares-for-EIGEN-token-transfer-restrictions-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li aria-level=\"1\">Singapore\u2019s regulator said Singapore Pools is the only licensed gambling operator in the country<\/li>\n<li aria-level=\"1\">Anyone who uses an unlicensed gambling service is liable to face a fine of up to $10,000, six months in jail, or both<\/li>\n<li aria-level=\"1\">Other countries that have restricted access to Polymarket include France, Taiwan, and the US<\/li>\n<\/ul>\n<p>Singapore\u2019s gambling regulator has banned prediction marketplace Polymarket, defining it as an \u201cillegal gambling site.\u201d<\/p>\n<p>Alex Zuo, Cobo\u2019s vice president of investment and custody, posted a screenshot on <a href=\"https:\/\/x.com\/alexzuo4\/status\/1878267006434074988\" target=\"_blank\" rel=\"noopener\">X<\/a> on Sunday showing a notice from Singapore\u2019s Gaming Regulatory Authority (GRA). The GRA warned users that Singapore Pools is the only licensed gambling operator in the country and that <a href=\"https:\/\/coinjournal.net\/search\/polymarket\">Polymarket<\/a> is considered illegal, adding:<\/p>\n<p>\u201cUnder Section 20 of the Gambling Control Act 2022, a person convicted of gambling with unlicensed gambling service providers is liable for a fine of up to $10,000, or a jail term of up to six months, or both.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"zh\" dir=\"ltr\">polymarket\u5728\u5761\u6b63\u5f0f\u5b9a\u4e49\u4e3a\u535a\u5f69\u7f51\u7ad9\uff0c\u60f3\u4e0b\u6ce8\u53ea\u80fd\u53bb\u56fd\u8425\u535a\u5f69\u516c\u53f8\u54e6\uff0c\u5426\u5219\u9762\u4e34\u7f5a\u6b3e\u548c\u5750\u7262\u54e6 <a href=\"https:\/\/t.co\/VdoozWAVgE\">pic.twitter.com\/VdoozWAVgE<\/a><\/p>\n<p>\u2014 alexzuo\ud83e\udee1 (@alexzuo4) <a href=\"https:\/\/twitter.com\/alexzuo4\/status\/1878267006434074988?ref_src=twsrc%5Etfw\">January 12, 2025<\/a><\/p>\n<\/blockquote>\n<h2>Countries restricting Polymarket<\/h2>\n<p>Singapore is the latest country to take action to restrict access to Polymarket. In August, Polymarket was scrutinised as US lawmakers <a href=\"https:\/\/coinjournal.net\/news\/polymarket-in-focus-as-cftc-is-pushed-to-ban-gambling-on-us-elections\/\">intensified efforts to ban gambling in American elections<\/a>.<\/p>\n<p>In November, Polymarket faced regulatory action in France after an anonymous trader, netted nearly $50 million wagering on <a href=\"https:\/\/coinjournal.net\/search\/donald+trump\">Donald Trump\u2019s<\/a> victory in the US presidential election. French authorities, particularly the Autorit\u00e9 Nationale des Jeux (ANJ), <a href=\"https:\/\/en.thebigwhale.io\/article-en\/exclusive-france-to-ban-polymarket\">blocked<\/a> the platform after breaching local gambling laws.<\/p>\n<p>Deciding to take action, Polymarket opted to block France-based users at the end of November. France was a major market for the platform after it blocked US users under a 2022 settlement with the Commodity Futures Trading Commission.<\/p>\n<p>Also in November, <a href=\"https:\/\/coinjournal.net\/news\/fbi-seizes-polymarket-ceos-phone-and-electronics-report\/\">the FBI seized CEO Shane Coplan\u2019s phone and electronics<\/a> after raiding his home. According to a report in the New York Post, unnamed sources said: \u201cThe government is likely trying to accuse Polymarket of market manipulation and rigging its polls in favor of Trump.\u201d<\/p>\n<p>Taiwan also restricted access to Polymarket in 2024.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/singapore-blocks-polymarket-calls-it-an-illegal-gambling-site\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) Singapore\u2019s regulator said Singapore Pools is the only licensed gambling operator in the country Anyone who uses an unlicensed gambling service is liable to face a fine of up to $10,000, six months in jail, or both Other countries that have [&hellip;]<\/p>\n","protected":false},"author":3947362367,"featured_media":45250,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/45249"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362367"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=45249"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/45249\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/45250"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=45249"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=45249"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=45249"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}