On August 19, 2026, U.S. President Donald Trump is expected to take part in a White House meeting alongside executives from the prediction markets and cryptocurrency...
South Korea has officially blocked access to prediction market platform Polymarket after the Korea Communications Standards Commission ruled that the operator’s services fall under illegal gambling.
In May 2026, South Korea launched an investigation into Polymarket in an attempt to determine the platform’s legality under the country’s laws; however, on August 18, 2026, the commission ruled that the prediction market’s speculative products and its focus on domestic markets violate domestic laws. Before making the final decision, authorities allowed Polymarket to defend its position and present supporting evidence.
Polymarket argued:
“Because the platform operates via non-custodial peer-to-peer (P2P) transactions and smart contracts, we do not act as an ‘organiser’. Furthermore, because we do not directly collect or manage funds, nor do we issue sports lottery tickets, we do not satisfy the legal requirements for violating the Criminal Act or the National Sports Promotion Act, nor do we meet the criteria for speculative/gambling activities.”
Polymarket further stressed that it doesn’t offer Korean-language services and has removed payments in Korean won, but the commission disagreed with the position, explaining that technical changes don’t remove the company’s obligation to follow national laws.
Currently, more than 30 jurisdictions have imposed enforcement action against Polymarket, including Italy, Argentina, France, Germany, Australia, and Indonesia.
