Seoul’s media regulator blocks access to the prediction market platform, citing concerns over speculative betting on politics and sports.
South Korea’s media regulator has blocked access to Polymarket, a decentralized prediction market platform, after determining its winner-take-all markets violate gambling laws. The decision, voted on August 18, targets markets covering politics, elections, sports, and weather, which authorities argue encourage speculative betting.
Polymarket operates using non-custodial smart contracts, meaning it does not directly hold user funds. The platform has previously faced scrutiny in other jurisdictions but continues to operate globally. South Korea’s move follows broader regulatory crackdowns on unlicensed financial activities.
The ban reflects growing concerns over decentralized platforms operating outside traditional financial oversight. No immediate market reaction was reported, but the decision may influence other regulators evaluating similar services.