Prediction market Polymarket may face closure in Thailand as authorities crack down on cryptocurrency gambling activities.

ThailandThe cyber police are planning to shut down the predictions market Polymarketwhich officials say violates the country's gambling laws.

On January 14th statementInternet police said the site violated local gambling laws. According to them, the platform “allows predictions related to politics, sports, entertainment and economics,” making Polymarket an illegal online gambling platform. They also raised concerns about the use of cryptocurrencies in betting, arguing that they make tracking more difficult and increase the chances of misuse.

“CCIB stressed the importance of shutting down the website to protect citizens from becoming victims of illegal gambling and to prevent the misuse of cryptocurrencies for illegal activities that may harm the economy and society.”

Cybercrime Investigation Office

Polymarket has already been banned in many countries such as Taiwan, France, and Singapore. Such as crypto.news I mentioned Earlier, Singapore's Remote Gambling Act 2014 only allowed online betting with state approval, leaving the betting platform out.

Thai officials said the closure is part of a larger campaign to tackle cybercrime and protect the public from the dangers of online gambling. There is no set timeline for when the closure will occur.

While authorities are targeting betting on cryptocurrencies, Thailand's broader approach to cryptocurrencies appears to be softening. The organizers are It is said to look Bitcoin exchange-traded funds approved to attract investors. According to the Securities and Exchange Commission of Thailand, there were 270,000 active cryptocurrency trading accounts as of November 2024 — more than double the 117,000 in October of that year.