- Thailand plans to ban Polymarket, citing illegal online gambling and economic risks tied to crypto misuse.
- Despite bans in Singapore, Taiwan, France, and U.S. restrictions, Polymarket remains active with $991.93M in monthly trading volume.
- Polymarket gained massive attention during the 2024 U.S. elections, but 86% of users reported losses despite $3.6B in trading activity.
Thailand’s Cyber Crime Investigation Bureau (CCIB) announced plans to propose a ban on Polymarket, a decentralized crypto-based prediction marketplace. Officials argue that the platform facilitates illegal online gambling, which is strictly prohibited under Thai law. During a press briefing, Technology Crime Suppression Division (TCSD) commander Trairong Phiwpaen emphasized that the proposed suspension aims to protect citizens from “economic and social risks” associated with gambling and crypto misuse.
Global Crackdowns on Polymarket
Thailand isn’t alone in its efforts to restrict Polymarket. On January 12, Singapore blocked access to the platform under the Gambling Control Act 2022, citing its operations as illegal gambling. Similarly, Taiwan banned the platform in 2023, even prosecuting users involved in placing bets, such as one individual who wagered $530 on election outcomes. In France, Polymarket voluntarily ceased operations in November 2024 after mounting pressure from gambling regulators. The United States also cracked down earlier, with the CFTC fining Polymarket $1.4 million in 2022 and restricting its access to U.S. residents.
The Rise and Resilience of Polymarket
Despite regulatory challenges, Polymarket has soared in popularity. The platform, which allows users to bet on global events, saw an astonishing $3.6 billion trading volume during the 2024 U.S. presidential election. Its success drew attention from major media outlets as a reliable sentiment gauge, but it also highlighted risks. Reports revealed that 86% of users experienced losses, with only a tiny fraction realizing profits above $1,000.
Even with multiple bans, Polymarket continues to thrive, recording $991.93 million in trading volume over the past month, according to DappRadar. Its ability to adapt and remain operational underscores its appeal, though its future remains uncertain amid escalating regulatory scrutiny.
