Singapore's gambling regulator has blocked access to Polymarket, a controversial cryptocurrency prediction platform under scrutiny over its handling of US election-related betting.

Reports of users being denied access first emerged Sunday evening, with Alex Zhou, vice president of investments and custody for Cobo, twitter Screenshot of the pop-up notification.

Users trying to access the platform from Singapore face a warning message from the Gambling Regulatory Authority (GRA), declaring Polymarket to be an “illegal gambling site” run by an unlicensed provider.

This remains the case at the time of writing, according to the screenshot he reviewed Decryption This was confirmed by several sources based in Singapore.

Official data from GRA or Polymarket has not yet appeared. GRA and Polymarket did not immediately respond to requests for comment.

Internal testing He explains that the Polymarket front-end can be accessed through a VPN routed to the Singapore servers. One source said Decryption They could still access the site, but it was likely because they were not affiliated with a major telecommunications carrier in Singapore.

Market predictions are like gambling

GRA warning in Singapore He cites Section 20 of the country's Gambling Control Act 2022, which threatens fines of up to $10,000 or six months' imprisonment for dealing with unlicensed gambling services.

This comes after Polymarket's recent decision to effectively ban French users Exit the French market In November last year after a trader placed $45 million in bets on Donald Trump's presidential win across multiple accounts.

This move was launched by Initial investigations From the French authorities, in anticipation of the latter’s move.

In other jurisdictions, such as the United States, regulatory scrutiny of Polymarket has been intensified beyond gambling oversight.

Singapore's move follows the platform's complex regulatory history, including a $1.4 million settlement With the CFTC in 2022 resulting in a ban for users in the United States.

that FBI raid At Polymarket CEO Shane Coplan's New York apartment in November, which a company spokesman at the time described as "political retaliation," added another layer of controversy.

Last week, Friday, the US Commodity Futures Trading Commission Coinbase served with subpoenafor customer information related to Polymarket trading.

Despite regulatory challenges, Polymarket's user base continues to grow. The platform recorded 349,500 monthly active users in December, up from 293,700 in November, according to Data From Dune Analytics.

Modified by Sebastian Sinclair