South Korea Opens First Polymarket Gambling Probe Targeting Domestic Users
South Korean police have opened the nation’s first investigation into home Polymarket customers, accusing them of unlawful playing.
The Gangwon Provincial Police Agency is main the inquiry on the request of the Korean National Police Agency. Investigators are concentrating on customers nationwide who positioned bets by means of the prediction market platform.
Polymarket Sits in a Legal Gray Zone in South Korea
Polymarket operates legally within the United States, where it cleared the Commodity Futures Trading Commission (CFTC) in September 2025. South Korea maintains tight controls on betting, allowing it solely by means of state-sanctioned shops similar to horse racing and sports activities wagering.
Chosun Biz famous that South Korean rules ban wagering on any service besides Sports Toto, run by the Korea Sports Promotion Foundation (KSPO). That service caps particular person bets at 100,000 received, round $65.
Despite this, the June 3 elections appeared as an energetic betting market on the platform. Bets on these races reportedly totaled tons of of billions of received.
Polymarket customers may subsequently face fines as much as 10 million received, roughly $6,500, underneath Article 246 of the Criminal Act overlaying playing and ordinary playing.
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Attorney An Chang-bo, head lawyer at Respect Law Office, represents a number of the customers underneath investigation. He stated the authorized image stays unsure as a result of no precedent exists.
“It seems the weather of the playing offense are met. However, as a result of there have been no instances of punishment for Polymarket use in Korea in any respect, it’s troublesome to foretell the extent of punishment,” he said.
In May, a spokesperson for the Korea Communications Standards Commission, the physique that screens broadcast and on-line media, advised Bloomberg News that the company had launched a proper assessment to find out whether or not the platform quantities to playing or breaches nationwide legislation.
The case lands as Polymarket tightens compliance worldwide. Facing mounting sanctions and authorized stress, the platform is pushing merchants to verify their identities.
Polymarket can also be courting new markets, together with a reported bid for approval in Japan by 2030.
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