South Korea joins more than 30 jurisdictions restricting Polymarket access
South Korea has joined over 30 other jurisdictions in restricting access to the prediction market platform Polymarket. Regulators cited concerns that the platform facilitates illegal gambling and speculative behavior, despite the company's efforts to remove local language support and fiat currency payments.
Why it matters
The move reflects a growing global regulatory crackdown on decentralized prediction markets that operate in legal gray areas regarding gambling laws.
The Korea Media and Communications Standards Commission approved the move after finding that Polymarket facilitates gambling and the operation of gambling venues under the country’s Criminal Act along with similar categories under the National Sports Promotion Act, according to local reports .
Polymarket lets users trade yes-or-no contracts tied to the outcomes of real-world events including elections, sports, economic data and the weather. It’s one of the largest prediction markets along with Kalshi.
The commission said that these markets’ structure encourages speculative behavior because users’ gains and losses depend on events beyond their control.
Polymarket, according to local media , said that it had removed Korean-language services, does not support payments in the country’s won fiat currency, and uses non-custodial peer-to-peer transactions and smart contracts.
The company did not immediately respond to CoinDesk’s request for further comment.
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