South Korean police launch investigation against Polymarket users
South Korea’s National Police Agency is investigating local Polymarket users. They are suspected of illegal gambling.
According to local media, the investigation is being led by the Gangwon Provincial Police Agency. It targets Polymarket traders across the country and marks South Korea’s first case against local users of the prediction market platform.
Current South Korean law prohibits citizens from placing sports bets outside Sports Toto, the only authorized platform operated by the Korea Sports Promotion Foundation. The platform also has a limit of 100,000 won, or about $65, per individual bet.
Because of this, Polymarket users in South Korea could face fines of up to 10 million won, or approximately $6,495, according to the report.
Why police became interested in the platform
The investigation began a few days after South Korea’s local elections, which were held on June 3. Large markets related to their results appeared on Polymarket. For example, contracts on the outcome of the Seoul mayoral election attracted more than $52 million.
Last month, it also became known that the Korea Communications Standards Commission, South Korea’s media regulator, is reviewing whether Polymarket’s services can be considered illegal gambling. The review was triggered by a complaint related to event contracts.
Polymarket’s complicated position
Polymarket is one of the best-known prediction market platforms. Users place crypto-based bets on the outcomes of political, economic, sports and public events.
This model makes Polymarket convenient for users but problematic for regulators. In many countries, such markets may be treated not as financial instruments, but as a form of gambling or unlicensed betting. As a result, pressure on the platform has been gradually increasing: access to Polymarket has already been restricted or blocked in several jurisdictions, including Indonesia and India.
As a reminder, Gate.io launched Polymarket trading for sports events.
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