Polymarket Faces Multi-Country Regulatory Action as Singapore Restricts Access 🚫
Singapore's Gambling Regulatory Authority (GRA) has taken regulatory action against Polymarket, blocking access and labeling it as an illegal gambling site. This move comes with potential penalties including fines of up to $10,000 or 6 months imprisonment for violations.
Despite achieving record trading volumes of $2.5 billion in October 2024, data shows that 86% of Polymarket traders have incurred losses on the platform.
Additionally, the FBI has raided the company's CEO, indicating broader regulatory scrutiny from multiple countries.
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