South Korean police have begun investigating local customers of Polymarket on suspicion of illegal gambling. Gangwon Provincial Police Agency recently accepted a request from the Korean National Police Agency and is now investigating individuals on gambling charges.
It is understood to be the first investigation targeting Polymarket users in the country, spanning individuals nationwide.
Under current law, placing bets on any platform other than Sports Toto, operated by the Korea Sports Promotion Foundation (KSPO), is illegal. As a result, domestic Polymarket players may face fines of up to KRW 10m under Article 246 of the Criminal Act for gambling or habitual gambling.
Attorney An Chang-bo, head lawyer at Respect Law Office and legal representative for some of the domestic Polymarket players under investigation, said: "It appears the elements of the gambling offense are met. However, because there have been no cases of punishment for Polymarket use in Korea at all, it is difficult to predict the level of punishment."
Access to Polymarket is currently possible without using methods such as IP bypassing.
South Korea’s Broadcasting and Communications Deliberation Committee is reviewing Polymarket over possible gambling law violations, according to Digital Asset. The committee is responsible for reviewing illegal online content, including gambling-related services.
If it determines that Polymarket is operating in breach of South Korean law, access to the platform could be blocked for domestic users. The case places Polymarket within a broader regulatory debate over whether event contracts should be treated as financial products, gambling products or a separate category.
South Korea's financial authorities are accelerating legislation that would allow them to freeze bank accounts suspected of being used for drug trafficking, illegal gambling, terrorism financing and similar serious crimes
