South Korea Blocks Polymarket Over Illegal Gambling
The regulator said Polymarket’s winner-takes-all markets and fee-based trading systems amount to gambling under South Korean law.
- On Tuesday, the Korea Media and Communications Standards Commission ordered domestic access to Polymarket blocked, determining the platform facilitates illegal gambling under the Criminal Act and National Sports Promotion Act.
- The commission stated that the platform's "structure encourages speculative behavior because users" gain or lose money on uncontrolled events; review began in July following requests from the National Police Agency and National Gambling Control Commission.
- Polymarket argued it removed Korean-language services and operates through noncustodial smart contracts, but the regulator rejected this defense, noting the operator manages market creation, sets trading rules, and collects transaction fees.
- South Korea joins a growing group of countries restricting the platform on gambling-related grounds, including France, Australia, Germany, Spain, Indonesia, Argentina, and Ukraine.
- While Polymarket currently lists 39 countries as fully restricted, South Korea was previously absent from that list; the National Police Agency has separately opened an investigation into local users over suspected illegal gambling.
21 Articles
21 Articles
Korea’s media regulator votes to block prediction platform Polymarket
Korea’s media regulator, the Korea Media and Communications Commission, said Tuesday it had voted to block access to prediction market platform Polymarket following consultation with relevant agencies. In a statement, the Commission said that under Korea’s Criminal Act, Polymarket “constitutes information that facilitates gambling or is intended to provide a venue for gambling, as well as information intended for activities similar to sports bet…
South Korea orders Polymarket block over illegal gambling concerns
South Korea has ordered access to Polymarket to be blocked after regulators found that the crypto-based prediction market provides an illegal gambling environment to domestic users. South Korea’s Broadcasting, Media and Communications Review Committee voted on Aug. 18 to issue…
The Korea Communications Standards Commission has decided to block domestic access to Polymarket, an overseas prediction platform that has been the subject of controversy regarding gambling. The commission determined that the platform's structure, which involves betting virtual assets on the outcome of future events, promotes gambling. Although Polymarket argued that it is not subject to domestic laws, the authorities emphasized that blocking ac…
Coverage Details
Bias Distribution
- 62% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
