Taiwan blocks Coinbase and Kalshi over election bets

• Taiwan has blocked domestic access to Coinbase Global Inc (NASDAQ:COIN) and Kalshi over suspected election betting.
• A New Taipei City court authorised the restrictions ahead of local elections on 28 November.
• The move highlights legal risks for cryptocurrency exchanges and prediction markets offering election-related contracts.

Taiwan has blocked domestic access to Coinbase Global Inc (NASDAQ:COIN) and Kalshi Inc over suspected election betting, according to Bloomberg News.

A New Taipei City court authorised the communications regulator and internet registry to restrict access ahead of Taiwan’s 28 November local elections.

The Criminal Investigation Bureau said the platforms were suspected of violating the Public Officials Election and Recall Act, which prohibits operating gambling for profit based on election outcomes.

The bureau said it sought the restrictions to protect election integrity and prevent “overseas interference,” without providing further details.

Taiwan’s 2023 amendments allow prison terms of up to six months for election bettors and up to five years for gambling operators.

Authorities have also blocked Polymarket, a prediction-market platform that competes with Kalshi, over election-wagering concerns.

The restrictions come as Taiwanese authorities increase scrutiny of illicit financial flows ahead of elections that will test support for President Lai Ching-te’s government.

The decision shows how election-gambling laws can restrict access to cryptocurrency exchanges and prediction markets, even when authorities have not alleged links to foreign funding.