Thailand’s Cyber Crime Investigation Bureau announced on Tuesday that it intends to propose a ban on Polymarket due to its facilitation of illegal online gambling through cryptocurrency. Thai authorities have identified the activities of the decentralized prediction marketplace as falling under the category of illegal online gambling, which is prohibited in the country.
Commander Trairong Phiwpaen of the Technology Crime Suppression Division (TCSD) emphasized the necessity of suspending Polymarket to protect against online gambling and the misuse of cryptocurrency, as these activities pose significant economic and social risks. The timeline for the proposed shutdown remains unclear, but officials are prioritizing swift action to safeguard citizens and prevent exploitation.
Thailand is not the only country cracking down on Polymarket. On January 12, Singapore blocked access to the platform under the Gambling Control Act 2022, categorizing it as an illegal gambling site. Taiwan took action even earlier, in 2023, by banning the platform and prosecuting individuals who placed bets, including one user who wagered $530 on election outcomes, according to local news reports. In November 2024, Polymarket voluntarily withdrew from France following investigations into its compliance with local gambling laws.
The United States has also subjected Polymarket to scrutiny, with the Commodity Futures Trading Commission (CFTC) imposing a fine of $1.4 million on the platform in 2022 and restricting its access to users based in the U.S.
Rise of Polymarket
Polymarket has experienced a remarkable surge in popularity since its inception. The platform allows users to place bets on a wide range of global events and gained significant attention during the 2024 U.S. Presidential election as an alternative to traditional polling methods. As betting on the election intensified, major media outlets increasingly cited Polymarket as an indicator of public sentiment.
During the election cycle, Polymarket recorded an astounding $3.6 billion in trading volume, with much of the focus centered on the U.S. presidential race. While some users made substantial profits by correctly betting on the election, the majority incurred losses. Approximately 86% of accounts had a negative profit and loss margin, with many users placing smaller bets in hopes of quick wins. Only a small percentage, around 1%, achieved profits exceeding $1,000.
Despite facing multiple bans worldwide, Polymarket continues to thrive, as indicated by its trading volume of over $991.93 million in the last 30 days, according to DappRadar data.
Edited by Stacy Elliott.