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

US October PPI Preview: Fed Rate Hike Expectations Rise, PPI May Be Key Variable; How Will US Stocks, Dollar, and Gold Move?On Friday (Nov. 13) Eastern Time, the U.S. will release the October Producer Price Index (PPI). Following the October CPI once again exceeding expectations, the market will look to the PP

Author TradingKey

10 hours ago

On Friday (Nov. 13) Eastern Time, the U.S. will release the October Producer Price Index (PPI). Following the October CPI once again exceeding expectations, the market will look to the PP

Gold closed below $4,000 again — the ETF crowd and central banks stayed, the momentum money left Spot gold is trading near $3,999, its third consecutive lower daily low, after a 5.00% 10-year yield and a 102.85 dollar index raised the odds of a December hike to 87%. But the selling is not coming from the strategic holders: managed-money net longs fell to 324 tonnes, a 21-week low, and Goldman Sachs attributes roughly 95% of five weeks of selling to non-reportable positions. ETFs still hold a record 4,256 tonnes and central banks bought 321 tonnes in Q3. The table below sets the triggers, directions and levels.

Author Irene Q.

15 hours ago

Spot gold is trading near $3,999, its third consecutive lower daily low, after a 5.00% 10-year yield and a 102.85 dollar index raised the odds of a December hike to 87%. But the selling is not coming from the strategic holders: managed-money net longs fell to 324 tonnes, a 21-week low, and Goldman Sachs attributes roughly 95% of five weeks of selling to non-reportable positions. ETFs still hold a record 4,256 tonnes and central banks bought 321 tonnes in Q3. The table below sets the triggers, directions and levels.

Nvidia slid 7.7% after hours while AMD and Broadcom rose — the AI trade changed hands, it didn't break Nvidia closed Wednesday at 173.73, up 2.87%, then fell as much as 8.1% to 159.44 after reports that its board was preparing for a possible leadership change. The same session, the Philadelphia Semiconductor Index rose 5.7% with all 30 components higher, CoreWeave jumped 24.7% on 168% revenue growth, and Micron added 11.9%. If AI demand were being repriced, AMD and Broadcom would not be bid. This is a governance discount on one name, and 204.54 — the 200-day average — is the level that settles it.

Author Irene Q.

16 hours ago

Nvidia closed Wednesday at 173.73, up 2.87%, then fell as much as 8.1% to 159.44 after reports that its board was preparing for a possible leadership change. The same session, the Philadelphia Semiconductor Index rose 5.7% with all 30 components higher, CoreWeave jumped 24.7% on 168% revenue growth, and Micron added 11.9%. If AI demand were being repriced, AMD and Broadcom would not be bid. This is a governance discount on one name, and 204.54 — the 200-day average — is the level that settles it.

Gold Extends Slide Below $4,000 as Rising US Inflation, Fed December Hike Bets Pressure Prices On November 12, gold prices (XAUUSD) extended their recent losses, falling further below $4,000 in early Asian trading to hit an intraday low near $3,968, marking a third consecutive day

Author TradingKey

17 hours ago

On November 12, gold prices (XAUUSD) extended their recent losses, falling further below $4,000 in early Asian trading to hit an intraday low near $3,968, marking a third consecutive day

Bitcoin lost its 200-day average — but the exit started three sessions before the CPI Bitcoin fell 2.5% to about $73,400 on 11 November, an 11-week low, breaking its 200-day moving average near $73,100. The 24-hour liquidation tally reached $632 to $705 million, roughly 82% of it longs. But spot ETF outflows began three sessions earlier and USDT's market cap has shrunk $6.6 billion in 60 days — the leveraged length left before the inflation print did. A double top at 81,890 and 81,080 leaves a measured target of 69,366.

Author Suzie

Yesterday 03: 22

Bitcoin fell 2.5% to about $73,400 on 11 November, an 11-week low, breaking its 200-day moving average near $73,100. The 24-hour liquidation tally reached $632 to $705 million, roughly 82% of it longs. But spot ETF outflows began three sessions earlier and USDT's market cap has shrunk $6.6 billion in 60 days — the leveraged length left before the inflation print did. A double top at 81,890 and 81,080 leaves a measured target of 69,366.

Popular Symbols