South Korea blocks Polymarket access over gambling concerns

South Korean regulators have voted to block domestic access to Polymarket, a major decentralized prediction market, citing concerns that the platform operates as an illegal gambling venue. The Korea Communications Standards Commission determined that the platform’s winner-take-all structure—where users bet on outcomes such as politics, sports, and weather—encourages speculative behavior and violates the country’s Criminal Act and National Sports Promotion Act.

Regulators specifically noted that the platform provided markets tailored to local users, such as one regarding Seoul rainfall totals. While Polymarket defended its operations by stating it is a non-custodial, peer-to-peer platform powered by smart contracts and had previously removed Korean-language services, the commission rejected these arguments. Authorities stated that technical decentralization does not exempt a service from local laws if it creates an illegal gambling environment.

Internet service providers in South Korea have been ordered to cut off access to the site. Users attempting to bypass these restrictions via VPN may still face legal risks and fines under the Criminal Act.