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South Korean police investigate local Polymarket users
South Korea’s Gangwon Provincial Police Agency has launched the country’s first investigation into local Polymarket users in order to assess whether the platform’s event contracts violate local gambling laws.
Betting in South Korea is strictly regulated, with most forms of betting activity considered illegal in the country; however, during the June 3 local elections, tens of millions of dollars were traded on Polymarket event contracts, despite the platform not being licensed.
The investigation is set to decide whether trading on prediction markets classifies as illegal gambling under Article 246 of the Criminal Act. If the users are found in violation of the law, each player could face a fine of up to $6,500.
A representative of South Korean Polymarket users, Attorney An Chang-bo, commented:
“It appears the elements of the gambling offense are met. However, because there have been no cases of punishment for Polymarket use in Korea at all, it is difficult to predict the level of punishment.”
Currently, the police agency is in the process of identifying crypto transactions of the individuals who used stablecoins to trade on Polymarket. However, because of Polymarket’s decentralized nature, enforcement action becomes more difficult to launch against the platform itself, as it might not be subject to a country’s laws. On the other hand, individuals using the platform are in the jurisdiction of their countries, making them the target of investigations.
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