Thailand’s Cyber Crime Investigation Bureau plans to ban Polymarket, citing its role in illegal online gambling via crypto. Authorities aim to protect citizens from economic and social risks posed by the platform.
Thailand’s Cyber Crime Investigation Bureau said on Tuesday that it will ask the government to ban Polymarket because it helps people use cryptocurrency to gamble illegally online.
Thailand on Online Gambling
The Thai government said that the operations of the decentralized prediction marketplace are similar to illegal internet gambling, which is not allowed in Thailand.
During a press conference on Tuesday, Trairong Phiwpaen, commander of the Technology Crime Suppression Division (TCSD), said that suspending Polymarket is important to stop people from abusing crypto and gambling online because it poses big “economic and social risks.”
The planned shutdown’s start date is still not clear, but officials are pushing for quick action to protect citizens and stop people from being exploited.
Thailand isn’t the only country going after Polymarket. Under the Gambling Control Act 2022, Singapore stopped access to the platform on January 12 because it was a “illegal gambling site.“
Taiwan took action as early as 2023, banning the platform and going after people who bet on it. According to local news reports, one user bet $530 on the result of an election.
After being looked into to see if it was following French gambling rules, Polymarket voluntarily left France in November 2024.
The US has also looked closely at Polymarket. In 2022, the Commodity Futures Trading Commission (CFTC) fined the platform $1.4 million and made it harder for people in the US to use it.
