- Thailand plans to ban Polymarket, citing illegal online gambling.
- Polymarket remains popular despite legal hurdles, with 349,500 users in December.
Thailand’s cybercrime authorities plan to propose banning Polymarket. The decentralized prediction marketplace facilitates betting on global events using cryptocurrencies. Authorities believe this may qualify as illegal online gambling under Thai law.
At a press briefing on Tuesday, Thailand’s cybercrime investigation bureau emphasized the urgency of restricting Polymarket. Officials stated the move aims to protect the public from online gambling risks. They also highlighted concerns about cryptocurrency use in illegal activities, citing potential economic and social consequences.
Polymarket has faced similar restrictions in multiple jurisdictions. Singapore banned the platform on January 12, citing unlicensed gambling operations. Users reported encountering a government notice on Polymarket’s homepage. Despite the ban, some users bypass restrictions using VPNs. The Gambling Regulatory Authority (GRA) has warned against such actions.
Global Restrictions
In Taiwan, Polymarket faced restrictions in 2023. Authorities even prosecuted an individual for placing $530 in bets on election outcomes. France banned the platform in November 2023 after a trader bet $45 million on Donald Trump’s presidential campaign. French regulators labeled it illegal betting, forcing Polymarket to exit the market.
In the United States, the Commodity Futures Trading Commission (CFTC) scrutinized Polymarket. The platform settled with the CFTC in 2022 for $1.4 million. It also agreed to block U.S. users as part of the settlement.
Polymarket prohibits access from certain countries, including Bolivia, Iran, and Venezuela, as stated in its terms of service. Despite legal challenges, the platform remains popular. It recorded 349,500 monthly active users in December 2024, marking a rise from 293,700 in November.
Thailand’s authorities have not provided a timeline for the proposed ban. However, they stress the importance of cracking down on platforms that promote illegal gambling. Policymakers view this as part of broader efforts to regulate cryptocurrency use and safeguard the economy.
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