Singapore and Thailand have moved to block prediction markets platform Polymarket, adding to the regulatory hurdles facing the venue that surged in popularity during the US election.
Singapore’s Gambling Regulatory Authority blocked access to Polymarket in December as it was deemed to be providing unlawful gambling, a spokesperson said in a statement on Wednesday. Users on social media reported losing access to the site over the weekend.
In Thailand, law enforcement is preparing to propose a similar ban, local police said in a press conference on Tuesday. Polymarket was found to be offering illegal online gambling in the country because it uses cryptocurrency for trades and bets, the police said in a statement.
Polymarket traders use crypto to place wagers on the site, buying “yes” or “no” shares on the outcomes of closely watched events. Betting on the US election caused demand to skyrocket, with nearly US$5 billion ($6.83 billion) in volume recorded on Polymarket across October and November.
That excitement has since subsided, with volumes and open interest falling significantly. At the same time, regulatory scrutiny has mounted, including restrictions in France and Taiwan and an ongoing inquiry by the US Commodity Futures Trading Commission.
