South Korea weighs action against Polymarket

• South Korea is reviewing whether Polymarket should face corrective action over gambling concerns.
• The regulator will hear Polymarket’s response before making a final decision.
• The review could lead to access restrictions if the platform is found to violate local rules.

South Korea is reviewing Polymarket over concerns that its prediction markets may amount to illegal gambling.

The Korea Communications Standards Commission will hear Polymarket’s position before deciding whether to demand corrective action.

“We decided to provide an opportunity for the company to state its position,” said the Korea Communications Standards Commission.

Polymarket lets users trade YES or NO contracts on political, economic and sporting events using crypto assets.

South Korean authorities have also investigated local Polymarket users over suspected illegal gambling, with fines potentially reaching 10 million won.

The review follows similar restrictions in other countries, including India and Indonesia, where authorities have limited Polymarket access.

Polymarket has also faced wider regulatory scrutiny as prediction markets expand across politics, sports and financial events.