Singapore authorities designate Polymarket as an illegal gambling platform

Singapore regulators have blocked access to Polymarket as part of a crackdown on unlicensed gambling platforms.
According to Alex Zuo, vice president of investment and asset management at Polymarket's Cobo Global, "Polymarket is an official bettor in Singapore.
"Accessing unlicensed gambling sites can lead to fines and imprisonment," it said.
When accessing PolyMarket in Singapore, the message "Operated by an Unlicensed Gambling Service Provider" appears.
The service is currently unavailable, with a warning from the Singapore Gambling Authority (GRA) stating, "You have accessed an illegal site that distributes gambling tactics and other illegal gambling content."
PolyMarket started predicting the outcome of the US presidential election last November and other events occurring around the world.
It is a platform for betting with virtual assets.