South Korea Blocks Polymarket, Becoming 40th Jurisdiction to Ban Platform
Updated
Updated · FishDuck · Aug 21
South Korea Blocks Polymarket, Becoming 40th Jurisdiction to Ban Platform
2 articles · Updated · FishDuck · Aug 21
Summary
South Korea ordered internet providers to block Polymarket’s website and app, saying the New York-based prediction market violates the Criminal Act and National Sports Promotion Act.
KMCC regulators said Polymarket’s winner-take-all contracts amount to illegal gambling because users profit or lose based on uncontrollable events such as elections, weather and sports results.
Roughly $7,200 in fines could hit South Korean users who bypass the ban with VPNs, underscoring a tougher enforcement stance than simple access restrictions.
The move puts South Korea alongside France, Spain, Argentina and Indonesia this year, while Australia, Brazil, Germany, Italy, Japan, Russia, Thailand and the UK have also restricted Polymarket.
The widening crackdown contrasts with Washington’s push to expand federally regulated event-contract trading under the Trump administration, deepening a G20 split over prediction markets.