Singapore’s regulatory authorities have classified Polymarket as an unlicensed gambling platform, leading to its ban effective January 12, 2025. Users found themselves unable to access the site as they are required to utilize state-authorized operators for betting.
Engaging with unlicensed gambling platforms in Singapore can lead to serious penalties, including fines reaching 10,000 USD and potential jail time of up to six months. The Gambling Regulatory Authority emphasizes this strict enforcement.
During the 2024 US elections, Polymarket recorded a trading volume of 294 million USD on election day alone. The platform operates using USD Coin (USDC) on the Polygon blockchain, attracting users with its lower fees and focus on privacy.