Thailand's Cybercrime Investigation Bureau said on Tuesday it would propose a ban on Polymarket, noting that the platform facilitates illegal online gambling through cryptocurrencies.

Thai authorities have noted that decentralized prediction market operations fall under illegal online gambling, which is banned in the country.

Polymarket's suspension is vital to protect against online gambling and crypto abuse as it poses significant “economic and social risks,” Technology Crime Suppression Division (TCSD) Commander Trierong Pheubin said during a press conference. Press briefing Tuesday.

The timeline for the proposed closure remains unclear, but officials are prioritizing quick action to protect citizens and prevent exploitation.

Thailand is not alone in its crackdown on Polymarket. Singapore on January 12 Forbidden Access to the Platform is under the Gambling Control Act 2022, and is deemed an “unlawful gambling site”.

Taiwan took action as early as 2023, banning the platform and prosecuting individuals for placing bets, including one user who bet $530 on the election results, according to local news. Reports.

In November 2024, Polymarket volunteered withdraw from France after investigations into its compliance with local gambling laws.

Polymarket has also been similarly scrutinized by the US, through the Commodity Futures Trading Commission (CFTC). Fined The platform will invest $1.4 million in 2022 and restrict its access to users residing in the United States.

The rise of Polymarket

Polymarketwhich allows users to bet on a wide range of global events, has seen an incredible rise in popularity since its inception.

The platform gained significant attention during the 2024 US presidential election, becoming a major alternative to traditional voting methods.

As election betting increases, Polymarket is increasingly cited by mainstream media as a barometer of public sentiment.

Polymarket opinion A whopping $3.6 billion in trading volume during the election cycle, with a large focus on the US presidential race.

However, while some users to make Big profits by betting correctly during elections, the vast majority I lost money.

About 86% of accounts had a negative profit and loss margin, with many users placing smaller bets in the hope of a quick win. Only a small percentage, about 1%, made profits exceeding $1,000.

Polymarket continues to thrive even after facing multiple bans around the world, recording a trading volume of over $991.93 million in the last 30 days, according to DappRadar. Data.

Modified by Stacey Elliott.