South Korean regulator probes Polymarket amid illegal gambling concerns

The investigation will evaluate whether the prediction platform breaches gambling legislation.

South Korea.- The Korea Communications Standards Commission and the Broadcasting and Communications Deliberation Committee has begun a formal review of Polymarket to determine whether the prediction market platform constitutes illegal online gambling under South Korean law. The review reportedly began after a complaint was filed against the platform.

Authorities will examine whether Polymarket’s Korean-language support and local accessibility place the platform within the scope of national enforcement, which could lead to a formal ban.

Several countries, including France, Germany, Italy, Brazil and Australia, have already taken action against Polymarket. There has been regulatory conflict in the United States, where several state authorities have issued cease-and-desist orders despite the Commodity Futures Trading Commission’s insistence that prediction platforms fall under its remit. Minnesota this week became the first US state to pass legislation specifically prohibiting prediction markets.

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The investigation will evaluate whether the prediction platform breaches gambling legislation. South Korea.- The Korea Communications Standards Commission and the Broadcasting and Communications Deliberation Committee has begun a formal review of Polymarket to determine whether the prediction market platform constitutes illegal online gambling under South Korean law. The review reportedly began after a complaint was…