CoinInsight360.com logo CoinInsight360.com logo
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
crypto.news 2025-01-13 03:03:50

Polymarket banned in Singapore as ‘illegal gambling website’

Singapore’s Remote Gambling Act of 2014 is basically the “no entry” sign for most online betting activities, unless you’ve got a government-approved stamp of approval. Unfortunately for Polymarket, it didn’t make the cut. Polymarket, the decentralized prediction market platform that allows users to speculate on real-world events using cryptocurrency, can add Singapore to the list of countries where it isn’t welcome. In Singapore, gambling activities are heavily regulated, with the government allowing only certain forms of betting, such as lotteries and sports betting, under the supervision of state-run entities. The country’s strict gambling laws prohibit unauthorized online gambling platforms, and Polymarket’s unregulated nature — as of Saturday, Jan. 11 — has officially gotten the boot. polymarket在坡正式定义为博彩网站,想下注只能去国营博彩公司哦,否则面临罚款和坐牢哦 pic.twitter.com/VdoozWAVgE — alexzuo🫡 (@alexzuo4) January 12, 2025 You might also like: ‘Government Efficiency’ meme coins lose value after Musk walks back cost-cutting plans Polymarket presses on Singapore isn’t the only place with a bone to pick with Polymarket. Other countries, especially those that are serious about gambling laws or just haven’t figured out how to deal with decentralized finance (DeFi), are also throwing a legal wrench in the works. The U.S., in particular, has been leading the charge. The Commodity Futures Trading Commission (CFTC) decided it was time for Polymarket to make some regulatory changes, and they weren’t exactly gentle about it. Last week, the CFTC announced a settlement with the company behind Polymarket. The Commission’s new chair, Rostin Behnam, reportedly told the Senate Agriculture Committee that the CFTC is ready to be the “primary cop on the beat” when it comes to digital asset markets. Meanwhile, countries in the EU and parts of Asia, including China, are keeping their distance, making it harder for users to access Polymarket without running into a few digital roadblocks. The platform’s decentralized setup — built on Polygon, an Ethereum ( ETH ) layer-2 solution — only adds to the headache. without a central authority to take the blame, governments are struggling to put clear legal boundaries around it, especially in places with tight online gambling laws. Read more: Solana’s Polymarket to allow betting on Pump.science tests

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.