Thai authorities consider closure of Polymarket for illegal gambling

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Predictions market Polymarket may face closure in Thailand as authorities crack down on crypto-powered gambling activities.

In a Jan. 14 statement, the cyber police said the website breaks local gambling laws. Per them, the platform “allows predictions on politics, sports, entertainment, and the economy,” which makes Polymarket an illegal online gambling platform. They also raised concerns about the use of crypto in betting, arguing that it makes tracking harder and increases the chances of misuse.

Polymarket has already been banned in multiple countries like Taiwan, France, and Singapore. As crypto.news reported earlier, Singapore’s Remote Gambling Act of 2014 only permits online betting with state approval, leaving the betting platform out.

Thai officials said the shutdown is part of a larger push to tackle cybercrime and protect the public from online gambling risks. There’s no exact timeline for when the shutdown will happen.

While authorities target crypto betting, Thailand’s broader approach to the crypto space appears to be softening. Regulators are reportedly considering approval for spot Bitcoin exchange-traded funds to woo investors. According to Thailand’s SEC, there were 270,000 active crypto trading accounts as of November 2024—more than double the 117,000 in October that year.