PANews reported on January 15 that the Thai Cyber Crime Investigation Bureau plans to propose a ban on the decentralized prediction market Polymarket on the grounds that it may be regarded as an illegal online gambling platform. It is not yet clear when the potential ban will be implemented. According to a statement released on the authority's website, the suspension of Polymarket aims to prevent the public from falling into the trap of online gambling and curb the use of cryptocurrencies in illegal activities to avoid serious impacts on the economy and society.
Previously, other regions have taken similar restrictions on Polymarket. For example, users in Singapore recently reported that they were unable to access the site and received illegal warnings from local authorities. In addition, Taiwan restricted the use of Polymarket last year and prosecuted a user who bet about $530 on election predictions. The United States and France have also imposed access restrictions on the platform.
Earlier news, Polymarket was defined as an illegal gambling website in Singapore and was blocked.