South Korea weighs action against Polymarket over gambling concerns
South Korea’s Broadcasting, Media and Communications Review Committee will let Polymarket present its position before deciding on corrective action over gambling concerns. The committee said it wants to verify Polymarket’s legality and operating model more thoroughly. The review comes amid South Korean scrutiny of prediction markets under laws that can classify online services enabling speculative gambling as illegal gaming businesses. The focus has shifted from local users to the platform itself after police began probing South Koreans for alleged illegal gambling tied to Polymarket election markets. South Korean law penalizes gambling, habitual gambling, and operating a gambling venue for profit with fines and possible prison terms. Polymarket says it restricts access in 33 countries and some regions to comply with sanctions, financial regulations, gambling and prediction market laws, AML rules, and KYC requirements.
