Singapore Blocks Polymarket in Crackdown on Unauthorized Gambling Platforms
13.01.2025 13:00 1 min. read Alexander Zdravkov
Singapore has blocked access to Polymarket, a blockchain-based prediction platform, as part of its crackdown on unauthorized gambling services.
On January 12, users attempting to access Polymarket from Singapore were met with warnings referencing the Gambling Control Act 2022, which penalizes unlicensed gambling with fines up to SGD 10,000, jail time of up to six months, or both.
Polymarket operates on the Polygon blockchain and allows users to place wagers on global events using USD Coin (USDC). Singapore’s Gambling Regulatory Authority (GRA), created in 2022 to oversee evolving gambling services, labeled the platform illegal, asserting that only Singapore Pools is authorized to provide such services.
As of January 1, the Singapore Police Force took over enforcement against illegal gambling activities, reinforcing the country’s hardline stance. Authorities have blocked thousands of gambling websites and transactions totaling SGD 37 million since 2015. Repeat offenders face harsher penalties, including fines up to SGD 700,000 and imprisonment for up to 10 years.
While Singapore strictly regulates gambling, it remains a leader in blockchain innovation. A 2024 report highlighted Singapore’s 1,600 blockchain patents, over 2,400 jobs in the sector, and 81 cryptocurrency exchanges. The Monetary Authority of Singapore doubled its digital asset licenses in 2024, issuing 13 approvals for crypto exchanges.
-
1
Here is Why the Fed May Cut Rates Earlier Than Expected, According to Goldman Sachs
08.07.2025 15:00 2 min. read -
2
Vitalik Buterin Warns Digital ID Projects Could End Pseudonymity
29.06.2025 9:00 2 min. read -
3
What Brian Armstrong’s New Stats Reveal About Institutional Crypto Growth
29.06.2025 15:00 2 min. read -
4
Donald Trump Signs “One Big Beautiful Bill”: How It Can Reshape the Crypto Market
05.07.2025 9:56 2 min. read -
5
Market Odds of a U.S. Recession in 2025 Drop in Half Since May
05.07.2025 18:30 2 min. read
BitGo Files Confidentially for IPO With SEC
BitGo Holdings, Inc. has taken a key step toward becoming a publicly traded company by confidentially submitting a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission (SEC).
Crypto Greed Index Stays Elevated for 9 Days — What it Signals Next?
The crypto market continues to flash bullish signals, with the CMC Fear & Greed Index holding at 67 despite a minor pullback from yesterday.
U.S. Public Pension Giant Boosts Palantir and Strategy Holdings in Q2
According to a report by Barron’s, the Ohio Public Employees Retirement System (OPERS) made notable adjustments to its portfolio in Q2 2025, significantly increasing exposure to Palantir and Strategy while cutting back on Lyft.
Key Crypto Events to Watch in the Next Months
As crypto markets gain momentum heading into the second half of 2025, a series of pivotal regulatory and macroeconomic events are poised to shape sentiment, liquidity, and price action across the space.
-
1
Here is Why the Fed May Cut Rates Earlier Than Expected, According to Goldman Sachs
08.07.2025 15:00 2 min. read -
2
Vitalik Buterin Warns Digital ID Projects Could End Pseudonymity
29.06.2025 9:00 2 min. read -
3
What Brian Armstrong’s New Stats Reveal About Institutional Crypto Growth
29.06.2025 15:00 2 min. read -
4
Donald Trump Signs “One Big Beautiful Bill”: How It Can Reshape the Crypto Market
05.07.2025 9:56 2 min. read -
5
Market Odds of a U.S. Recession in 2025 Drop in Half Since May
05.07.2025 18:30 2 min. read