South Korea Blocks Polymarket Access, Joining 30-Plus Jurisdictions Treating It as Illegal Gambling
Updated
Updated · Yahoo Finance · Aug 18
South Korea Blocks Polymarket Access, Joining 30-Plus Jurisdictions Treating It as Illegal Gambling
3 articles · Updated · Yahoo Finance · Aug 18
Summary
Tuesday's vote by South Korea's Media and Communications Standards Commission cut domestic access to Polymarket after regulators concluded its prediction markets facilitate illegal gambling.
A July review requested by police and gambling authorities led to the decision, and regulators rejected Polymarket's defense that it had dropped Korean-language services, avoided won payments and used non-custodial smart contracts.
Authorities said Polymarket still creates markets, sets trading rules, provides settlement infrastructure and collects fees; police have also reportedly opened investigations into local users.
South Korea's move places it among more than 30 jurisdictions restricting Polymarket, underscoring a broader regulatory push to classify prediction markets as gambling rather than financial products.
Why did South Korea reject Polymarket's decentralized defense, and could this spark a global regulatory domino effect against crypto prediction markets?
How will authorities track anonymous crypto bettors facing severe fines under South Korea's strict new gambling crackdown?