Thailand Technology Crime Surveillance Department (TCSD)) has proposed a ban on decentralized gambling website Polymarket. Police Lt. Gen. Tratrong Phiwpaen said the platform was found to be illegal because it used cryptocurrency for betting, which is against Thai domestic law.
The announcement comes after Singapore banned Polymarket and the website was found to be promoting illegal activities. Singapore gambling regulators have noted that individuals caught betting on Polymarket will be fined SGD 10,000, jailed for six months, or both. Users in Singapore reported being unable to access the prediction markets platform over the weekend.
Thailand proposes ban on polymarkets amid concerns of illegal activities
Traders on gambling websites are known to use cryptocurrencies to place bets on the site. The site reportedly gained popularity during the US presidential election as more people bet on the expected outcome. As a result, Polymarket recorded a trading volume of approximately $5 billion in October and November.
Last November, the Federal Bureau of Investigation (FBI) raided his home. CEO of Polymarket Shayne Coplan had his cell phone confiscated. However, according to recent reports, the CEO was not arrested after the raid.
The Justice Department is believed to be behind the raid after confirming it was investigating Polymarket, which allowed users to bet on a variety of events in the US.
In a statement, Colan criticized the Biden administration’s move for political retaliation. “It is disappointing that this administration is making last-ditch efforts to pursue companies it believes have ties to its political opponents.” the CEO said.
The decentralized marketplace has reportedly restricted access to French users following reports of an imminent investigation into alleged violations of the country’s gambling laws.