Thailand’s Technology Crime Supervision Division(TCSD) proposed a ban on the decentralized gambling website Polymarket. Police Lieutenant General Tratrong Phiwpaen stated that the platform was found to be illegal due to the use of cryptocurrencies for betting, which is against Thailand’s domestic laws.
The announcement comes after Singapore banned Polymarket, highlighting the website was found to advance illegal activities. The Singapore gambling regulatory authority mentioned that any individual found betting on Polymarket would be subjected to a fine of SGD 10,000 or six months in jail or both. Users in Singapore reported they could not access the predictions market platform over the weekend.
Thailand Proposes Ban on Polymarket due to illegal activity concerns
Traders on the gambling website are said to use cryptocurrencies to place wagers on the site. The site reportedly gained popularity during the US presidential elections as more people bet on a likely outcome. Polymarket recorded approximately $5 billion in volume across October and November as a result.
In November, the Federal Bureau of Investigations(FBI) raided the home of Polymarket’s CEO, Shayne Coplan, and seized his mobile phone. However, according to recent reports, the CEO was not arrested after the raid.
The Department of Justice is speculated to be behind the raid after the agency confirmed it was investigating Polymarket for allowing users to bet on various events within the United States.
Colan blamed the Biden administration in a statement, calling it a move for political retribution.“It’s discouraging that the current administration would seek a last-ditch effort to go after companies they deem to be associated with political opponents.” said the CEO.
The decentralized marketplace reportedly restricted French users from accessing it after reports of a looming investigation against it for violating domestic gambling laws.
