2026-6-5 12:25 |
South Korean police have opened the country’s first investigation into domestic Polymarket users, accusing them of illegal gambling.
The Gangwon Provincial Police Agency is leading the inquiry at the request of the Korean National Police Agency. Investigators are targeting users nationwide who placed bets through the prediction market platform.
Polymarket Sits in a Legal Gray Zone in South KoreaPolymarket operates legally in the United States, where it cleared the Commodity Futures Trading Commission (CFTC) in September 2025. South Korea maintains tight controls on betting, permitting it only through state-sanctioned outlets such as horse racing and sports wagering.
Chosun Biz noted that South Korean rules ban wagering on any service except Sports Toto, run by the Korea Sports Promotion Foundation (KSPO). That service caps individual bets at 100,000 won, around $65.
Despite this, the June 3 elections appeared as an active betting market on the platform. Bets on those races reportedly totaled hundreds of billions of won.
Polymarket users could therefore face fines up to 10 million won, roughly $6,500, under Article 246 of the Criminal Act covering gambling and habitual gambling.
Follow us on X to get the latest news as it happens
Attorney An Chang-bo, head lawyer at Respect Law Office, represents some of the users under investigation. He said the legal picture remains uncertain because no precedent exists.
“It appears the elements of the gambling offense are met. However, because there have been no cases of punishment for Polymarket use in Korea at all, it is difficult to predict the level of punishment,” he said.
In May, a spokesperson for the Korea Communications Standards Commission, the body that monitors broadcast and online media, told Bloomberg News that the agency had launched a formal review to determine whether the platform amounts to gambling or breaches national law.
The case lands as Polymarket tightens compliance worldwide. Facing mounting sanctions and legal pressure, the platform is pushing traders to verify their identities.
Polymarket is also courting new markets, including a reported bid for approval in Japan by 2030.
Subscribe to our YouTube channel to watch leaders and journalists provide expert insights
The post South Korea Opens First Polymarket Gambling Probe Targeting Domestic Users appeared first on BeInCrypto.
origin »Bitcoin price in Telegram @btc_price_every_hour
Bitbook Gambling (BXK) на Currencies.ru
|
