Plagued by legal problems in the United States, the controversial cryptocurrency-based betting platform, Polymarkethas been denied access to another major financial market, Singapore, locals said on Sunday.
What happened : Alex Zuovice president of investments and custody of the company Cobo, cryptocurrency wallet provider, has published an excerpt of an official notice that Singaporeans who attempted to use the platform received.
“You attempted to access an illegal gambling site hosted by an unlicensed gambling service provider,” the notice states.
The message came from Singapore’s gaming regulator, the Gambling Regulatory Authority, implying that Polmarket has been defined as a gaming site in the country.
The notice warned users that only the state-owned betting company could be used for gambling activities in the country, and that any violators could face fines or even prison.
Benzinga has contacted Polymarket and the Gaming Regulatory Authority, and the article will be updated once they respond.
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Why it matters The Polymarket situation, which made headlines during the US election period, has come under intense scrutiny.
The platform based on Polygon (CRYPTO: POL) – is inaccessible to US residents, although they can use a VPN to change locations outside the US.
Many concerns have been raised about disproportionate betting in favor of Donald Trump during the elections, with many observers pointing the finger at foreign influence and market manipulation. The platform is inaccessible to American users.
It should be noted that the residence of the CEO Shayne Coplan was raided by the Federal Bureau of Investigation after the election.
More recently, the cryptocurrency exchange platform Coinbase was summoned by the CFTC, this regulatory body seeking to obtain “general customer information” regarding Polymarket.
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