Authorities in Thailand have taken decisive steps to block access to Polymarket, a platform for cryptocurrency-based betting. This move is part of a broader global effort to rein in the platform, which has already faced restrictions in countries like Singapore, the United States, France, and Taiwan. Regulators aim to protect the public from the harms of online gambling and prevent the misuse of cryptocurrencies for illegal activities.
The Polymarket Debate: What Concerns Regulators?
Thailand’s Cyber Crime Investigation Bureau (CCIB) has emphasized the urgency of suspending Polymarket, as announced at a recent press conference. Officials stressed the importance of shielding citizens from the risks associated with online gambling and curbing the illicit use of cryptocurrency for criminal purposes.
Singapore, on the other hand, categorizes Polymarket as an illegal and unlicensed betting platform. Users of such services in the country face severe penalties, including fines of up to $10,000 and imprisonment for up to six months. This highlights Singapore’s strict approach to crypto market regulation and its commitment to safeguarding financial stability for its citizens.
How Does Polymarket Work?
Polymarket allows users to place bets on a variety of events using the stablecoin USDC as a payment method. Popular betting categories include political, economic, cultural, and sports events. The platform has drawn significant public attention, especially during high-profile moments like recent U.S. elections. In October alone, Polymarket reported $3 billion in trading volume, reflecting the strong interest in its services.
Competition in Crypto Betting: Kalshi Steps Into the Spotlight
Interestingly, while Polymarket struggles with legal challenges, another platform, Kalshi, operates legally within the United States. Kalshi recently introduced the option for users to deposit funds using USDC, making it an attractive choice for investors seeking a safe and compliant experience. In a noteworthy development, Donald Trump Jr. was announced as a strategic advisor to Kalshi this week, signaling the platform’s ambitions for expansion and bolstered visibility.
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This development underscores the increasing scrutiny that cryptocurrency platforms are facing worldwide