South Korea police probe Polymarket users over illegal gambling claims: Report
South Korean police reportedly launched the country’s first illegal gambling probe into local Polymarket users amid election-betting scrutiny.
South Korean police have reportedly launched the country’s first illegal gambling probe into local Polymarket users, widening regulatory scrutiny of the decentralized prediction market.
The investigation is led by Gangwon Provincial Police and was requested by the National Police Agency, according to ChosunBiz.
Users may face fines of up to 10 million won ($6,500) under Article 246 of the Criminal Act covering gambling and habitual gambling. Under current law, Sports Toto is the state-authorized sports betting platform, while unauthorized online betting can be prosecuted under South Korean gambling laws.