Singapore Regulator Bans Polymarket
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The Monetary Authority of Singapore (MAS) has banned Polymarket, a cryptocurrency-based prediction market platform, from operating within the country. Polymarket, which gained popularity during the 2024 U.S. presidential elections, allows users to bet on global events by purchasing contracts. The platform's operations have been viewed critically by regulators in several countries due to its speculative nature and potential regulatory concerns. Polymarket was founded in 2020 by Shayne Coplan and has seen increasing activity within the crypto industry.
