South Korea joins more than 30 jurisdictions restricting Polymarket access
Regulators rejected Polymarket's defense regarding its P2P nature, arguing the platform manages market rules and facilitates crypto-based gambling activity.
South Korea has joined a growing list of over 30 countries that have restricted access to prediction market platform Polymarket due to gambling concerns. The Korea Media and Communications Standards Commission approved the ban, citing that Polymarket facilitates gambling under the country's Criminal Act and National Sports Promotion Act.
Polymarket enables users to trade contracts based on outcomes of real-world events such as elections, sports, and economic data. The commission deemed the platform's structure conducive to speculative behavior, as profits and losses depend on uncontrollable events. Polymarket has removed Korean-language services and does not support South Korean currency payments, using only non-custodial peer-to-peer transactions and smart contracts.
The regulator rejected Polymarket's defense, stating that the company is still responsible for market creation and trading rules, while handling crypto deposits, withdrawals, and settlements. The commission started investigating Polymarket in July after receiving requests from the National Police Agency and National Gambling Control Commission.
South Korea is now among the expanding number of jurisdictions restricting Polymarket access, following France, Spain, Indonesia, Argentina, and Ukraine. Polymarket currently blocks access in 39 countries, but South Korea is not listed.
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