South Korea ordered domestic access to popular prediction market Polymarket blocked, becoming the latest of more than 30 jurisdictions to restrict the platform over gambling concerns.
The Korea Media and Communications Standards Commission approved the move after finding that Polymarket facilitates gambling and the operation of gambling venues under the country’s Criminal Act along with similar categories under the National Sports Promotion Act, according to local reports.
Polymarket lets users trade yes-or-no contracts tied to the outcomes of real-world events including elections, sports, economic data and the weather. It’s one of the largest prediction markets along with Kalshi.
The commission said that these markets’ structure encourages speculative behavior because users’ gains and losses depend on events beyond their control.
Polymarket, according to local media, said that it had removed Korean-language services, does not support payments in the country’s won fiat currency, and uses non-custodial peer-to-peer transactions and smart contracts.
The company did not immediately respond to CoinDesk’s request for further comment.
The regulator rejected the defense, saying Polymarket’s operator still manages market creation and trading rules while providing crypto deposit, withdrawal and settlement systems and charging fees.
The commission began reviewing the platform in July after requests from the National Police Agency and the National Gambling Control Commission. Police had separately opened an investigation into local Polymarket users over suspected illegal gambling, local media adds.
South Korea joins a widening group of countries restricting the platform. France ordered the country’s internet service providers to block access to the website, following in the footsteps of various other jurisdictions.
These include Spain, Indonesia, Argentina, and Ukraine,where Dmitry Nikolaievskyi, chief legal officer at the Project Office for the Development of Ukraine's Digital Economy at the Ministry of Digital Transformation, told CoinDesk there isn’t a legal way for it to return.
Polymarket currently lists 39 countries being fully restricted from accessing the platform, but South Korea isn’t mentioned in the list.