South Korea Blocks Polymarket Over Gambling Concerns
South Korea has become the latest country to restrict access to Polymarket, joining more than 30 jurisdictions in cracking down on the prediction market.
• The decision follows a review that began in July at the request of Korean police and gambling authorities; police have reportedly opened investigations into local Polymarket users.
#DeFi #Polymarket #PredictionMarkets #SouthKorea #Regulation
@DeFiYieldChannel
South Korea has become the latest country to restrict access to Polymarket, joining more than 30 jurisdictions in cracking down on the prediction market.
• South Korea's Media and Communications Standards Commission voted Tuesday to block domestic access to Polymarket, concluding its prediction markets facilitate illegal gambling.
• Polymarket argued it removed Korean-language services, does not accept Korean won, and uses non-custodial smart contracts rather than holding customer funds directly.
• Regulators rejected that defense, citing Polymarket's role in creating markets, setting trading rules, providing settlement infrastructure, and collecting fees.
• The decision follows a review that began in July at the request of Korean police and gambling authorities; police have reportedly opened investigations into local Polymarket users.
#DeFi #Polymarket #PredictionMarkets #SouthKorea #Regulation
@DeFiYieldChannel