Thailand proposes to ban Polymarket to combat online gambling

ChainCatcher news, Thailand's cybercrime authorities have proposed banning the decentralized prediction market Polymarket, as it may be considered an online gambling site, which is deemed illegal in the country.

The Cyber Crime Investigation Bureau of Thailand stated that suspending Polymarket is crucial to prevent the public from becoming victims of online gambling and to stop the use of cryptocurrency for illegal activities, as such activities "could have serious impacts on the economy and society."

Cyber police indicated that the site facilitates betting on global events through cryptocurrency, which may fall under illegal online gambling in Thailand. The police did not specify a timeline for a potential shutdown.