Polymarket users referred to prosecutors in South Korea: Report
South Korean police have reportedly referred 18 Polymarket users to prosecutors in an illegal gambling case involving 26 people and about 17.6 billion won ($12.7 million) in wagers. The largest individual wager was about 5.7 billion won ($4.1 million). Police identified users by tracing public blockchain transactions. Authorities argue Polymarket betting counts as illegal gambling under South Korean law because users stake assets on uncertain outcomes, while users claim the platform is a crypto-based derivatives market. The Gangwon Provincial Police Agency opened the country’s first Polymarket gambling probe in June, and regulators moved in August to block the platform for allegedly creating an illegal gambling environment. South Korean authorities said Polymarket’s winner-takes-all structure, trading rules, crypto deposits and withdrawals, and fee collection supported that conclusion, rejecting Polymarket’s claim that its noncustodial design and lack of Korean-language or won support exempt it from local law.
