Thailand’s Cyber Crime Investigation Bureau said Tuesday it will propose a ban on Polymarket stating that the platform facilitates illegal online gambling through crypto.

Thai authorities noted that the decentralized prediction marketplace’s operations fall under illegal online gambling, which is prohibited in the country.

Suspending Polymarket is vital to protect against online gambling and crypto misuse as it poses significant “economic and social risks,” stated Technology Crime Suppression Division (TCSD) commander Trairong Phiwpaen during a press briefing on Tuesday.

The timeline for the proposed shutdown remains unclear, but officials are prioritizing swift action to safeguard citizens and prevent exploitation.

Thailand is not alone in its crackdown on Polymarket. On January 12, Singapore blocked access to the platform under the Gambling Control Act 2022, labeling it an “illegal gambling site.”

Taiwan took action as early as 2023, banning the platform and prosecuting individuals for placing bets, including one user who wagered $530 on election outcomes, as per local news reports.

In November 2024, Polymarket voluntarily withdrew from France following investigations into its compliance with local gambling laws.

The United States has similarly scrutinized Polymarket, with the Commodity Futures Trading Commission (CFTC) fining the platform $1.4 million in 2022 and restricting its access to U.S.-based users.

Rise of Polymarket

Polymarket, which allows users to place bets on a wide range of global events, has seen an impressive rise in popularity since its inception.

The platform gained major attention during the 2024 U.S. Presidential election, becoming a key alternative to traditional polling methods.

As betting on the election heated up, Polymarket became increasingly cited by major media outlets as a barometer for public sentiment.

Polymarket saw an astronomical $3.6 billion in trading volume during the election cycle, with much of the focus on the U.S. presidential race.

However, while some users made significant profits by betting correctly during the elections, the vast majority lost money.

Approximately 86% of accounts had a negative profit and loss margin, with many users placing smaller bets in hopes of a quick win. Only a small percentage, around 1%, have realized profits exceeding $1,000.

Polymarket continues to thrive even after facing multiple bans across the world, as it recorded over $991.93 million in trading volume in the last 30 days, as per DappRadar data.

Edited by Stacy Elliott.