Thailand's Cyber Crime Investigation Bureau announced plans to propose a ban on Polymarket, a decentralized prediction marketplace, labeling its operations as illegal online gambling, which is prohibited in the country. TCSD commander Trairong Phiwpaen emphasized the need for action to tackle economic and social risks associated with online gambling and cryptocurrency. The exact timeline for the ban remains unclear, but authorities are prioritizing swift action to protect citizens. Thailand joins other countries in cracking down on Polymarket; Singapore has restricted access under the Gambling Control Act 2022, and Taiwan has banned the platform. In 2024, Polymarket voluntarily exited the French market due to compliance issues. The U.S. CFTC previously fined Polymarket $1.4 million and limited user access. Despite regulatory challenges, Polymarket gained significant popularity during the 2024 U.S. Presidential election, recording a trading volume of $3.6 billion, although most users did not achieve profits. In the past 30 days, it recorded over $991.93 million in trading volume, illustrating its ongoing operation amid global scrutiny.

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