The Cyber Crime Investigation Bureau of Thailand announced on Tuesday that it would consider banning Polymarket because it makes it possible to engage in illegal virtual gaming using bitcoin.
Thai officials noted that the decentralized forecast marketplace’s businesses fall under illegitimate online playing, which is prohibited in the country.
At a press conference on Tuesday, Technology Crime Suppression Division (TCSD ) commander Trairong Phiwpaen stated that Polymarket’s suspension is crucial to counteracting online gambling and crypto misuse because it poses significant “economic and social risks.
Although the proposed shutdown’s timeline is still undetermined, authorities are placing a priority on taking immediate action to protect the rights of the public and stop abuse.
Thailand is not alone in its assault on Polymarket. Under the Gambling Control Act 2022, Singapore on January 12 blocked access to the system and referred to it as an “illegal playing page.”
According to local media reports, Taiwan already took actions in 2023, outlawing the platform and prosecuting those who bet on election results.
Following inquiries into its conformity with local gambling rules, Polymarket freely withdrew from France in November 2024.
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.
Fall of Polymarket
Polymarket, which allows customers to place wagers on a wide range of international events, has seen an amazing rise in popularity since its founding.
The system gained major consideration during the 2024 U. S. Presidential election, becoming a vital alternative to traditional voting procedures.
As the vote betting industry grew in importance, Polymarket gained more and more media coverage as a gauge of public opinion.
During the election cycle, Polymarket saw astrophysical$ 3.6 billion in trading level, with a lot of the attention turning to the U.S. presidential election.
However, while some users made substantial earnings by betting properly during the votes, the vast majority lost income.
A negative profit-loss margin was present in roughly 86 % of transactions, with many people placing smaller stakes in the hope of a quick victory. Only a small percentage, around 1 %, have realized profits exceeding$ 1, 000.
According to DappRadar files, Polymarket continues to prosper despite having been subject to numerous restrictions throughout the world, recording over$ 991.93 million in trading volume in the past 30 days.
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