Thai Authorities Eye Ban on Polymarket over Gambling Fears

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  • Thailand intends to ban Polymarket over potential gambling breaches.
  • Authorities express concerns over Polymarket’s cryptocurrency use.

Thai authorities are preparing to recommend closing down Polymarket, a decentralized prediction market, due to allegations of illegal online gambling. This platform allows users to wager on worldwide events with cryptocurrency, but officials claim it violates local gambling regulations.

The ban imposed on Polymarket was strictly enforced during its prime time in Thailand, as its user base was rapidly growing. Despite a lengthy court battle, users didn’t stay away for long. By December 2024, the platform boasted an impressive 349,500 active accounts, exceeding the 293,700 reported in November. However, the government remains wary of the potential harm caused by sites like Polymarket, particularly their involvement in illicit sports betting using cryptocurrency.

Polymarket under Scrutiny for Gambling Concerns

Previously, Polymarket has faced regulatory action. Specifically, it was banned in Singapore on January 12, 20XX, due to its operation of an unlicensed gambling service. Additionally, Taiwan and France have prohibited this platform. France enforced the ban in November 2023, following a substantial wager linked to a political event. In 2022, the Commodity Futures Trading Commission (CFTC) imposed a fine of $1.4 million on Polymarket and subsequently limited access for U.S.-based users.

The Thai Cybercrime Investigation Bureau has warned that online gambling is risky and urged people to avoid it. They also highlighted the importance of controlling these activities due to growing government scrutiny, particularly regarding restrictions on the use of cryptocurrencies in gambling-related cases.

Despite Thailand lacking a specific timetable for the planned ban, it’s one of several measures taken by the Thai government in response to growing concerns about cryptocurrency and online gambling platforms.

As the situation develops, discussions regarding integrating cryptocurrencies into platforms such as Polymarket become increasingly relevant. Currently, Thai officials are focusing on establishing regulations to control the usage of cryptocurrencies in internet-based betting and preventing potential violations of gambling statutes.

 

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2025-01-17 11:03