South Korea moves to block Polymarket over gambling concerns
Summary
South Korean regulators have ordered Polymarket blocked, ruling that its prediction markets function as illegal gambling. The commission said the platform fits criminal and sports-betting prohibitions because users can win or lose money on outcomes such as politics, sports, and weather. It also pointed to Polymarket’s role in running markets, setting rules, handling crypto deposits and withdrawals, and collecting fees. Polymarket argued it no longer offers Korean-language services, does not use won, and relies on noncustodial smart contracts, but regulators said those technical features do not exempt it from Korean law. France, Australia, and Germany have also blocked access to Polymarket.
