South Korea opens hearing process in Polymarket gambling review
Summary
South Korea has postponed any enforcement action against Polymarket, giving the prediction market platform an opportunity to respond to concerns that its service may violate the country's gambling laws. The review follows an earlier police investigation into local Polymarket users over alleged illegal election-related gambling. The Broadcasting, Media and Communications Review Committee has decided to hear Polymarket's position before ruling on whether to issue a corrective request, aiming to verify the legality of the service and its operations. Under South Korea's National Gambling Control Commission Act, online services that facilitate speculative gambling are considered illegal gaming businesses. The case adds to growing regulatory scrutiny of Polymarket as authorities in Europe and the United States also examine its operations. In the United States, the Commodity Futures Trading Commission is conducting a broad investigation into Polymarket's business activities, including its social media operations. The reported inquiry followed allegations that the platform promoted simulated trading videos through paid content creators without adequate disclosure. On-chain research also indicates that U.S.-linked wallets traded approximately $571 million worth of political contracts on Polymarket over the past year, despite the platform's restrictions on American users.
(Source:Crypto News)