South Korean authorities are investigating local users of Polymarket, the decentralized prediction market platform, on charges of illegal gambling under the country's strict gaming laws. Those found in violation could face fines of up to 10 million Korean won, equivalent to approximately $6,495. The investigation highlights growing regulatory scrutiny of prediction markets in jurisdictions where online gambling is heavily restricted. South Korea maintains some of the toughest gambling regulations in Asia, with most forms of online wagering prohibited for citizens. Polymarket, which allows users to bet on real-world event outcomes using cryptocurrency, has seen significant global growth but operates in a legal grey area in several countries. The probe signals that regulators are increasingly willing to pursue individual users, not just platform operators, as prediction markets expand their reach.
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