Thailand to Ban Polymarket, Citing Illegal Online Gambling Concerns
Highlights
- Thailand plans to ban Polymarket over concerns related to illegal online gambling and cryptocurrency misuse.
- Singapore restricted the platform on January 12, joining the U.S., France, and Taiwan in taking similar actions.
- Polymarket, a blockchain-based prediction marketplace, has recorded $1.7 billion in trading volume and $118 million in total value locked (TVL).
Thailand is preparing to ban Polymarket, a decentralized prediction platform, over allegations of illegal online gambling. Authorities argue that Polymarket allows users to place bets using cryptocurrency on various global events, violating local gambling laws and posing economic and social risks due to its unregulated nature.
Thailand’s Official Stance on Polymarket
On January 15, Thailand’s Cybercrime Investigation Bureau announced its intent to ban Polymarket. Officials criticized the platform for facilitating unlicensed betting activities and emphasized the need to regulate cryptocurrency use to prevent financial losses. The announcement, published on the bureau’s official website, highlighted the dangers of decentralized, crypto-based prediction markets operating outside legal frameworks.
Authorities in Thailand view the ban as a necessary step to combat illegal gambling and safeguard users from unregulated betting platforms. Although the ban has yet to be enforced, the move reflects the country’s growing commitment to tightening controls over decentralized platforms.
Global Crackdown on Polymarket
Singapore recently banned Polymarket on January 12 as part of a broader crackdown on unlicensed online gambling. The Gaming Regulatory Authority (GRA) warned that users violating the ban could face fines of up to $10,000, imprisonment for up to six months, or both.
The platform has faced regulatory action in other countries, including the U.S., France, and Taiwan. Taiwan has gone as far as prosecuting a user for placing a $530 bet on the platform. Polymarket’s terms of service already restrict access from nations such as Venezuela, Iran, and Bolivia.
In the U.S., the Commodity Futures Trading Commission (CFTC) reportedly issued a subpoena to Coinbase, seeking customer data linked to Polymarket’s case. These actions highlight a coordinated global effort to regulate decentralized platforms that facilitate unauthorized activities.
Conclusion
The planned ban on Polymarket in Thailand aligns with the international push to restrict unregulated prediction markets. With multiple countries stepping up regulatory efforts, Polymarket faces mounting challenges as governments seek to curb the misuse of cryptocurrencies in online betting.
