South Korean police launch first gambling investigation into Polymarket users
Gangwon Provincial Police Agency is reportedly investigating several people on suspicion of violating gambling laws through use of the platform.
South Korea.- Police in South Korea have opened their first criminal investigation into the user of cryptocurrency-based prediction market platform Polymarket. According to Chosun Biz, the Gangwon Provincial Police Agency is investigating several people on suspicion of violating gambling laws through use of the platform.
The investigation focuses on whether South Korean residents who placed bets on the prediction market platform violated Article 246 of the Criminal Act, which covers gambling and habitual gambling offenses. It follows a complaint alleging that users placed wagers on real-world events through the platform, which allows participants to trade contracts linked to political, economic, sporting and other outcomes.
The development comes just weeks after Korea Communications Standards Commission and the Broadcasting and Communications Deliberation Committee last month launched a review into whether Polymarket constitutes an illegal gambling service under domestic law. They noted concerns over the platform’s accessibility to Korean users and Korean-language support.
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.
