#Singapore Locks Down Polymarket#
Hot Topic Overview
Overview
The Singapore government has classified prediction market platform Polymarket as a gambling website and blocked it. Singapore users who visit the Polymarket website will receive a prompt stating that the site is an illegal gambling website and warning users of potential fines of up to $10,000 or six months' imprisonment. The blocking is justified on the grounds that Singapore's Gambling Control Act 2022 prohibits betting with unlicensed operators.
Ace Hot Topic Analysis
Analysis
Singapore authorities have classified Polymarket as a gambling website and blocked it, citing violations of the country’s Gambling Control Act 2022. According to a statement from the Singaporean government, Polymarket has been deemed an unlicensed gambling service provider. Users accessing the Polymarket website in Singapore will be prompted that it is an illegal gambling website and they may face a fine of up to $10,000 or imprisonment for up to six months. Singaporean authorities are concerned about the risks of unlicensed gambling associated with Polymarket's operations and have taken steps to block it. The incident has raised concerns about cryptocurrency market regulations and serves as a reminder for individuals to be aware of local laws and regulations when engaging in cryptocurrency-related activities.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Singapore has classified Polymarket as a betting website and blocked it.
Singaporean users will be prompted that Polymarket is an illegal gambling website when visiting it and may face fines or imprisonment.
Singapore has blocked Polymarket due to concerns about unlicensed gambling, in violation of the Gambling Control Act 2022.
Polymarket has been blocked in Singapore, and users are unable to access its website.