Korean Police Launch Illegal Gambling Investigation into Local Polymarket Users
Odaily Planet Daily News: South Korean police are investigating local users of the prediction market platform Polymarket on suspicion of illegal gambling. In South Korea, Polymarket is classified as private gambling and deemed illegal under current law.
According to police sources, the Gangwon Provincial Police Agency recently, upon commission from the National Police Agency, launched an investigation into domestic Polymarket users. This is the first such action targeting domestic users and covers a nationwide scope, including Gangwon Province. Under Article 246 of the South Korean Criminal Code, except for Sports Toto, which is operated by the National Sports Promotion Corporation with a betting limit of 100,000 won, all other gambling activities are illegal. Involved users could face fines of up to 10 million won.
Lawyers for some of the investigated users pointed out that while the cases meet the legal requirements for illegal gambling, there have been no prior precedents in South Korea of punishment for using Polymarket. Therefore, the severity of the penalties remains difficult to estimate.
Currently, accessing Polymarket does not require the use of IP proxies or other means, and the platform imposes no restrictions even when South Korean users place bets using USD stablecoins. The upcoming June 3 local elections have become a popular betting subject, with the total amount wagered reaching tens of billions of won. (Chosun)
