Several crypto platforms face regulatory challenges in various countries. Polymarket is blocked in Singapore due to stricter measures against illegal gambling. In South Korea, Upbit suspended SOLVE deposits, and Bybit paused trading in India due to regulatory hurdles.
Regulation of Polymarket in Singapore
Singapore has blocked access to the cryptocurrency-based prediction market Polymarket as part of its efforts to control unlicensed gambling platforms. Users in Singapore reported being unable to access the site on January 12. Polymarket operates on the Polygon blockchain and allows users to bet on global events using the USD Coin (USDC). Visitors receive a warning about potential fines of up to SG$10,000 and jail terms of up to six months for gambling with unlicensed operators. Alex Zuo, Vice President at Cobo Global, stated that Polymarket has been officially classified as a gambling site in Singapore. Since 2015, more than 3,800 gambling websites have been blocked, and transactions amounting to SG$37 million have been frozen.
Upbit Suspends SOLVE Deposits
In South Korea, leading crypto exchange Upbit has suspended deposits for Solve.Care (SOLVE) due to concerns over transparency and investor safety. The exchange highlighted some deficiencies in SOLVE’s distribution plan and business strategy changes. Consequently, the asset is labeled a 'cautionary item' for a two-week review period from January 10 to 24, 2025. Upbit is considering whether to extend the designation, lift it, or terminate trading support altogether.
Bybit Halts Trading in India
Global crypto exchange Bybit has announced a temporary suspension of trading services in India due to evolving regulatory developments. As of January 12, several key services like cryptocurrency trading and account openings have been temporarily halted. Bybit assured users that fund withdrawals would remain unaffected. The exchange continues working with Indian regulators to finalize its registration as a virtual digital asset service provider.
Regulatory shifts continue to significantly impact the operations of cryptocurrency platforms worldwide. Businesses must adapt to the ever-changing conditions to remain in the market.
