South Korean watchdog to allow Polymarket to present its case
Regulators will hear the prediction market platform’s response before deciding whether to take action under the country’s gambling laws.
South Korea.- After the launch of an investigation in May, South Korea’s Broadcasting, Media and Communications Review Committee has said that it will allow Polymarket to present its position before deciding whether to take any enforcement action. It said it intends to verify the legality of the platform and the way its service operates before reaching a final decision.
“We decided to provide an opportunity for Polymarket to submit its opinion to thoroughly verify the legality of Polymarket and the way the service is operated,” the committee said.
In early June, the Gangwon Provincial Police launched an investigation into Polymarket users over alleged illegal gambling. Under South Korea’s National Gambling Control Commission Act, authorities can take action against online services that facilitate gambling. The country’s Criminal Act also provides penalties for gambling offences. Operating a gambling business for profit can result in prison sentences and significant fines.
