Singapore Bans Polymarket Prediction Platform

In a latest development, on 13 January 2025, Singapore has officially banned the operation of Polymarket, a prominent crypto-based prediction platform. Singapore’s Monetary Authority (MAS), the country’s central bank and financial regulator, cited several reasons for the ban. Notably, Polymarket was reportedly operating without the necessary licenses required under Singapore’s Payment Services Act. The ban is expected to have a substantial impact on Polymarket’s operations in Asia. Singapore has been a key center for blockchain and cryptocurrency innovation, drawing startups and investors worldwide. Losing access to this market could slow Polymarket’s growth and reduce its user base.