South Korea to block Polymarket over gambling concerns

cryptonews.ruPublicado a 2026-08-18Actualizado a 2026-08-18

Resumen

South Korean authorities have ordered the blocking of Polymarket, determining that the prediction market creates conditions for illegal gambling for users in the country. The Korea Media Rating Board stated that Polymarket falls under laws prohibiting gambling-related information and bookmaking activities. The regulator said Polymarket's "winner-takes-all" model, where users can profit or lose based on political, sports, or weather events, encourages speculative gambling behavior. It noted that Polymarket operates markets, sets rules, provides deposit/withdrawal systems, settles in cryptocurrency, and charges transaction fees. Polymarket argued it removed Korean-language services, doesn't support Korean won payments, and uses non-custodial smart contracts. The regulator rejected these arguments, stating technical features like decentralization do not exempt it from local laws. France, Australia, and Germany have also blocked Polymarket over gambling concerns.

South Korean authorities have ordered access to Polymarket to be blocked, having determined that the prediction market creates conditions for illegal gambling for users in the country.

South Korea's Media and Communications Commission said on Tuesday that Polymarket falls under the provisions of the Criminal Code concerning information that facilitates gambling or the opening of a gambling establishment, as well as the prohibition of similar betting activities under the National Sports Promotion Act.

The regulator stated that Polymarket's "winner takes all" model, where users can earn or lose money depending on the outcome of events in politics, sports, and weather, encourages speculative gambling behavior. The Commission also noted that Polymarket operates the markets, sets trading rules, provides deposit and withdrawal systems, settles in cryptocurrency, and charges transaction fees.

In an appeal to the commission, Polymarket claimed it had removed Korean-language services, does not support payments in Korean won, and conducts non-custodial transactions using smart contracts, not directly managing user funds.

The commission rejected these arguments, stating that technical features such as decentralization, trading interfaces, and order books do not exempt the service from complying with South Korean law.

France, Australia, and Germany are among countries that have also blocked access to Polymarket over gambling-related activities.

Related: JPMorgan severs banking ties with Polymarket over regulatory concerns: report

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Preguntas relacionadas

QWhy is South Korea blocking access to Polymarket?

ASouth Korean authorities are blocking access to Polymarket after determining that the prediction market creates conditions for illegal gambling for users in the country. The Korea Media and Communications Commission stated it falls under laws prohibiting information that facilitates gambling or betting activities.

QWhat specific characteristics of Polymarket's model did the Korean regulator cite as problematic?

AThe regulator cited Polymarket's 'winner-takes-all' model, where users can gain or lose money based on outcomes in politics, sports, and weather, as encouraging speculative gambling behavior. They also noted its management of markets, setting trading rules, providing deposit/withdrawal systems, handling cryptocurrency settlements, and charging transaction fees.

QWhat defenses did Polymarket present to the Korean commission, and were they accepted?

APolymarket argued that it removed Korean language services, does not support payments in Korean won, and conducts non-custodial transactions via smart contracts without directly managing user funds. The commission rejected these arguments, stating that technical features like decentralization and trading interfaces do not exempt the service from complying with South Korean law.

QWhich other countries have blocked access to Polymarket due to gambling-related activities?

AFrance, Australia, and Germany are among the countries that have also blocked access to Polymarket due to its gambling-related activities.

QWhat is the legal basis cited by the South Korean commission for its action against Polymarket?

AThe Korea Media and Communications Commission stated that Polymarket falls under provisions of the Criminal Code concerning information that facilitates gambling or the opening of a gambling establishment, as well as a ban on similar betting activities according to the National Sports Promotion Act.

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