Singapore has officially banned Polymarket, labeling it an illegal gambling platform.
Visitors to Polymarket's site in Singapore now face a warning from the Gambling Regulatory Authority (GRA) regarding potential penalties for engaging in unlicensed gambling.
Polymarket has also faced bans in France, the U.S., and Taiwan.
The decentralized prediction platform, Polymarket, allows users to place bets on real-world events using cryptocurrency, but Singapore mandates that online gambling services must obtain proper licensing.