Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Polymarket Reportedly Blocked in Singapore, Escalating Global Regulatory Challenges

Source Beincrypto

Polymarket, a blockchain-powered prediction market, has been reportedly blocked in Singapore because the authorities classify it as a gambling platform.

This marks another significant challenge for the platform, which is already under regulatory scrutiny in the United States.

Why Did Singapore Block Polymarket?

On January 12, Alex Zuo, Vice President of Investment and Custody at Cobo Global, revealed on X (formerly Twitter) that Singapore has officially designated Polymarket as a gambling site. This classification has led to restrictions on access within the country.

Zuo stated that individuals in Singapore must place bets only through state-authorized gambling operators. Those who fail to comply risk facing fines or imprisonment.

“Polymarket is officially defined as a gambling website in Singapore. If you want to place a bet, you can only go to a state-owned gambling company, otherwise you will face fines and imprisonment,” Zuo said.

Zuo shared screenshots showing that visitors trying to access Polymarket in Singapore receive warnings. Authorities warn users to avoid unlicensed gambling services, threatening penalties of up to $10,000, six months in jail, or both.

Polymarket, launched in 2020, is known for its unique approach to aggregating public opinion and real-time data. It allows users to wager on outcomes of current events, such as elections and natural disasters. The platform has attracted high-profile backers, including billionaire investor Peter Thiel.

Broader Regulatory Pressure

Polymarket’s challenges are not confined to Singapore. The platform has faced significant regulatory pressure in other jurisdictions, including France and the United States.

In France, the National Gaming Authority (ANJ) has been investigating Polymarket’s operations. This inquiry was triggered after a French user placed substantial bets on the 2024 US presidential election. French laws strictly regulate online gambling, permitting only certain sports betting and poker activities.

In the United States, Polymarket has faced even greater scrutiny. The Commodity Futures Trading Commission (CFTC) recently subpoenaed Coinbase, seeking information about user interactions with Polymarket.

This follows a $1.4 million fine imposed on the platform by the CFTC for allegedly offering unregistered prediction markets. As part of a settlement, Polymarket agreed to cease operations for US users.

Still, the US Department of Justice has launched its own investigation, alleging that Polymarket may have accepted trades from US users despite the settlement agreement. The FBI has also searched the devices of CEO Shayne Coplan as part of the inquiry.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

The Fed will sit still on October 28 — but 100 of 100 economists now expect a December hike A Reuters poll run October 16-20 found 94 of 100 economists expecting the Fed to hold at 3.75-4.00% on October 28 — and all 100 expecting a hike in December, against less than half a month earlier. The market is close to the same price, with CME FedWatch at roughly 17% for October and 82.8% for December. With the Fed in blackout since October 17, here are the five dates that decide the rest of the year, what each one is priced for, and the two directions each can take.

Author Irene Q.

Oct 22, Thu

A Reuters poll run October 16-20 found 94 of 100 economists expecting the Fed to hold at 3.75-4.00% on October 28 — and all 100 expecting a hike in December, against less than half a month earlier. The market is close to the same price, with CME FedWatch at roughly 17% for October and 82.8% for December. With the Fed in blackout since October 17, here are the five dates that decide the rest of the year, what each one is priced for, and the two directions each can take.

Big Tech's $800 billion AI bill faces its first real test — free cash flow is the judge Alphabet and Microsoft report after the close on October 28, Amazon on October 29, with hyperscaler AI capex running near $800 billion a year. Meta's negative free cash flow and 9.40% drop on October 22 was the warning; this week's prints decide whether cloud growth and backlog can pay for the buildout. Here are the consensus numbers, the free-cash-flow table and the two-sided test.

Author Irene Q.

Oct 26, Mon

Alphabet and Microsoft report after the close on October 28, Amazon on October 29, with hyperscaler AI capex running near $800 billion a year. Meta's negative free cash flow and 9.40% drop on October 22 was the warning; this week's prints decide whether cloud growth and backlog can pay for the buildout. Here are the consensus numbers, the free-cash-flow table and the two-sided test.

Tesla jumps 5% as Barclays puts a $450 target on the SpaceX merger — the chart was already pointing to 431 Tesla closed at $391.62 on October 26, up 5.21%, after Barclays upgraded the stock to Overweight and lifted its target to $450 from $370, citing a sharp inflection in Robotaxi miles and a potential SpaceX merger. The move also completed a double bottom at $345.88 and $349.33, with a neckline at $388.56 and a measured target of $431.24. Here is what the upgrade actually says, why the chart and the analyst now point the same way, and what would break the target.

Author Irene Q.

Yesterday 05: 30

Tesla closed at $391.62 on October 26, up 5.21%, after Barclays upgraded the stock to Overweight and lifted its target to $450 from $370, citing a sharp inflection in Robotaxi miles and a potential SpaceX merger. The move also completed a double bottom at $345.88 and $349.33, with a neckline at $388.56 and a measured target of $431.24. Here is what the upgrade actually says, why the chart and the analyst now point the same way, and what would break the target.

Anthropic files for a $2 trillion IPO — the $80.7 billion loss is the decoy, the $450 billion compute bill is the risk Anthropic publicly filed its S-1 on October 26, revealing $16.29 billion of first-half revenue (+1,304% year over year) and a $80.7 billion net loss — of which $72.4 billion is a non-cash convertible-note charge. The real number is the $450 billion of signed, mostly non-cancelable compute commitments. Here is what the filing says, why NVDA, ARM and MU are the tradeable read-through, and the conditions that decide whether the AI trade passes its first public valuation test.

Author Irene Q.

Yesterday 06: 02

Anthropic publicly filed its S-1 on October 26, revealing $16.29 billion of first-half revenue (+1,304% year over year) and a $80.7 billion net loss — of which $72.4 billion is a non-cash convertible-note charge. The real number is the $450 billion of signed, mostly non-cancelable compute commitments. Here is what the filing says, why NVDA, ARM and MU are the tradeable read-through, and the conditions that decide whether the AI trade passes its first public valuation test.

Fed October Rate Decision Preview: Rate Hike Pause Has Become Consensus, How Will US Stocks, Dollar, and Gold React?The Federal Reserve will announce its October interest rate decision at 14:00 Eastern Time on October 28, and Fed Chair Warsh will hold a press conference at 14:30. Markets currently wide

Author TradingKey

Yesterday 10: 21

The Federal Reserve will announce its October interest rate decision at 14:00 Eastern Time on October 28, and Fed Chair Warsh will hold a press conference at 14:30. Markets currently wide

Popular Symbols