South Korea to block prediction market platform Polymarket

Homepage > News > Business > South Korea to block prediction market platform Polymarket South Korean authorities have ordered access to Polymarket to be blocked after determining that the digital currency prediction market provides an illegal gambling environment to users in the country. On August 18, the Korea Communications Standards Commission (KCSC), announced it had determined that digital currency-based prediction market Polymarket “constitutes information aimed at aiding and abetting gambling and operating a gambling venue under the Criminal Act, as well as information aimed at “similar acts” prohibited under the National Sports Promotion Act.” As such, the country’s communications regulator resolved to block access to the platform. “Polymarket, an overseas prediction market platform that has been criticized as illegal gambling, has been found to be speculative in Korea as well, and access has been blocked as a corrective measure,” said the regulator in its press release. South Korea’s ban brings the list of countries or territories where the platform is blocked to 33, including Australia, Brazil, Germany, France, the United Kingdom, Japan, Russia, and the United St...