South Korea police probe Polymarket users over illegal gambling claims: Report
South Korean police have reportedly opened the country’s first illegal gambling investigation targeting local Polymarket users. Gangwon Provincial Police are leading the probe at the National Police Agency’s request. Users could face fines of up to 10 million won ($6,500) under South Korea’s gambling laws, which permit only state-authorized Sports Toto for sports betting. The case adds to broader pressure on Polymarket and other prediction markets. Several countries, including Singapore, Poland, Portugal, Hungary, Ukraine, Brazil, and Indonesia, have blocked or prohibited access, though Polymarket remains accessible in South Korea. Political betting on the platform is drawing particular scrutiny amid concerns over insider trading and manipulation. Polymarket has said it is considering mandatory identity verification aligned with global KYC standards.
