Thailand Plans Polymarket Ban to Tackle Gambling

• Thailand intends to ban Polymarket over potential gambling breaches.
• Authorities express concerns over Polymarket’s cryptocurrency use.

Thailand’s cybercrime authorities are ready to propose an ouster of Polymarket, a decentralized prediction market, on the grounds that it is operating illegal online gambling. Thai officials are currently scrutinizing the platform, which enables users to bet on global events using cryptocurrency, arguing that it contravenes local gambling laws.

The ban was also enforced in Thailand at the peak time for Polymarket, as its popularity was just rising. The long legal case had not kept users away for too long as, by December 2024, the site saw 349,500 active accounts, higher than the 293,700 that reported in November. However, the government is still concerned about the harmful effects of sites like Polymarket, especially their use of cryptocurrency in illegal sports betting.

Polymarket under Scrutiny for Gambling Concerns

Polymarket has been sanctioned by the authorities before. Authorities banned it in Singapore on January 12 for operating an unlicensed gambling service. Taiwan and France have banned the platform. France implemented the ban in November 2023 after a huge bet related to a political event. In 2022, the CFTC charged Polymarket a $1.4 million fine and subsequently restricted access for users based in the U.S.

The Cybercrime Investigation Bureau in Thailand stated that gambling in cyberspace is unsafe and emphasized the necessity of keeping such entities out of reach for other individuals. There was increasing government oversight into more critical use restrictions surrounding cryptocurrencies especially in cases where this had to do with a gambled type.

Although Thailand does not have any clear timeline of when the intended ban will happen, this proposed ban is among the various attempts by the government of Thailand to respond to increased fears over platforms of cryptocurrency and online gambling.

As the case progresses, the topic of using cryptocurrencies in online applications like Polymarket becomes more pertinent. The Thai authorities are currently concerned about regulating the use of cryptocurrencies in online betting and the potential for further breaches of gambling laws.