South Korea’s media review committee is giving Polymarket a chance to make its case before deciding on possible corrective action. The shift in approach is notable: previously, authorities went after local users. Now they’re looking at the platform itself.
The Broadcasting, Media and Communications Review Committee said Monday it will let Polymarket submit its position before making a final call. The question? Whether Polymarket’s operations violate gambling laws.
Under South Korea’s National Gambling Control Commission Act, providing online services that enable speculative gambling is illegal. The law gives regulators broad authority to crack down.
This follows a police probe in June — the country’s first investigation into local Polymarket users for alleged illegal gambling tied to election markets. Those users face serious consequences. Under the Criminal Act, gambling fines can hit 10 million won ($6,500), and habitual gamblers could see three years in prison.
Polymarket already restricts access in 33 countries, including the US, UK, France, Germany, and Australia. But enforcement seems to be intensifying.
