South Korean police investigate Polymarket users for alleged illegal gambling as election betting volumes reach billions of won.
South Korean police have launched the country’s first investigation into local users of Polymarket. It is the largest prediction market in the world. Some users are suspected to have been involved in illegal gambling activities on the site.
The investigation is headed by the Gangwon Provincial Police Agency, according to ChosunBiz. The probe started after a request from the National Police Agency. According to reports, this is the first instance of an attack on South Korea’s Polymarket users.
Polymarket is a platform where individuals can make wagers on actual events. Users can forecast election, sports, and financial market results. The majority of wagers are made with cryptocurrencies. The platform is legal in the U.S. but is considered private gambling in South Korea.
South Korean police launch first illegal gambling probe into local users of Polymarket, the world’s largest prediction market
According to ChosunBiz, South Korean police are investigating local Polymarket users on suspicion of illegal gambling, reportedly the first such case… pic.twitter.com/wZOP2WBdqs
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Police Investigate Users Across South Korea
The investigation includes users across the country. Police are investigating whether they violated South Korea’s gambling laws by wagering on the site. As of now, it is illegal to bet on sites other than Sports Toto. Sports Toto is the country’s approved sports betting service.
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Consequently, if users are found guilty of illegal gambling, they may be subject to penalties. According to Article 246 of the Criminal Act, the punishment for the offenders could be up to 10 million won.
Meanwhile, attorney Ahn Chang-bo, representing some of the users investigated, said the legal requirements for gambling charges seem to be fulfilled. He added, however, that there are no previous cases of punishment against Polymarket users in South Korea. Thus, the final penalties are yet to be determined.
The case has been brought to light due to the fact that Polymarket remains available in South Korea. VPNs and special tools are not required to use the platform. As a result, many people have persisted in its use even in the face of legal issues.
Election Betting Volume Reached Billions of Won
The June 3 local elections in South Korea saw a surge in interest in Polymarket. The platform listed election prediction markets, allowing users to bet on political outcomes.
According to reports, betting activity during the elections reached tens of billions of won. This is a big volume and was noticed by authorities, and was a concern about illegal gambling.
Meanwhile, the Korea Communications Standards Commission stated that it had never examined Polymarket. According to officials, there were no complaints or reports regarding the platform. So far, nothing has been done about it.
South Korea is not the only country to be scrutinizing Polymarket. Recently, there have been several countries that have limited access to the platform. Spain, India, and Indonesia have all taken steps to block or ban its services.
These are all part of a broader international push to regulate crypto gambling websites. Governments are increasingly focused on services that enable users to wager with digital assets.
South Korean police are continuing their investigation. The result may impact future prediction market and crypto betting regulations. It could also set a precedent for how South Korean authorities will deal with similar cases in the future.
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