Singapore Cracks Down On Polymarket: Regulator Issues Warning Against 'Illegal Gambling'

Battling a legal soup in the U.S., controversial cryptocurrency-based betting platform Polymarket was refused access in another key financial market, Singapore, locals said on Sunday.

What happened: Alex Zuo, investments and custody vice president of cryptocurrency wallet provider Cobo, posted a snippet of an official notice that Singaporeans trying to use the platform were receiving.

"You have attempted to access an illegal gambling site hosted by an unlicensed gambling service provider," the notice read. 

The message was from Singapore's gambling regulator, the Gambling Regulatory Authority, implying that Polmarket was defined as a gambling website in the country.

The notice warned users that only the state-owned betting company could be used for gambling activities in the country, and anyone found flouting rules could face fines or even jail time.

Benzinga reached out to Polymarket and the Gambling Regulatory Authority, and the copy will be updated once they respond.

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Why It Matters: Polymarket, which rose to prominence during the U.S. election season, has been under consistent scrutiny. 

The Polygon (CRYPTO: POL)-based platform is inaccessible to U.S. residents, although one can use a VPN to change one's location outside of the U.S.

There were widespread concerns over disproportionately larger bets in favor of Donald Trump leading to the election, with many pointing to foreign influence and market manipulation. The platform is inaccessible to U.S. users.

Notably, CEO Shayne Coplan's residence was raided by the Federal Bureau of Investigation after the election.

More recently, cryptocurrency exchange Coinbase was subpoenaed by the CFTC, where the regulator sought "general customer information" related to Polymarket.

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