South Korea has joined France, Australia and Germany in restricting access to Polymarket on gambling-related grounds, with authorities ordering the crypto prediction market to be blocked in the country.
Polymarket told South Korea’s media and communications review commission that it had removed its Korean-language services and does not support payments in Korean won.
The company also argued that transactions are conducted through noncustodial mechanisms and smart contracts, instead of through Polymarket directly managing users’ funds.
The commission rejected those arguments, saying features including decentralization, trading interfaces and order books do not place a service outside the scope of South Korean law.
In its decision Tuesday, the regulator determined that Polymarket constitutes information that facilitates gambling or the opening of a gambling venue under the Criminal Act. It also found that the platform falls within prohibited analogous betting activity under the National Sports Promotion Act.
Authorities cited Polymarket’s involvement in operating markets, establishing trading rules, providing cryptocurrency deposit, withdrawal and settlement systems, and collecting transaction fees as factors in the decision.
The regulator also pointed to the platform’s winner-takes-all structure, under which users can gain or lose money depending on the outcomes of events involving areas such as politics, sports and weather.
The commission said the structure encourages speculative gambling behavior and determined that Polymarket provides an illegal gambling environment to users in South Korea.
Original article: https://www.yogonet.com/international/news/2026/08/18/125945-south-korea-orders-polymarket-blocked-over-illegal-gambling-concerns
