Polymarket Executive Says KYC Applies Only to Beta Product, Not Main Platform

Polymarket has clarified that it is not introducing mandatory KYC verification on its existing platform after concerns surfaced about possible identity checks for users.

Josh Stevens, Polymarket’s vice president of engineering, said KYC requirements apply only to a new beta product currently being tested by a limited number of users. He explained that identity verification is required only during the early access phase and will not affect users of the platform’s main prediction market.

Stevens also addressed speculation that KYC could later expand to the broader platform, saying clearly that no such plans exist. He emphasized that Polymarket remains committed to pseudonymous trading on its main website.

Regulatory Pressure Increases on Prediction Markets

The clarification followed reports claiming Polymarket had considered wider user verification requirements as regulatory scrutiny grows around prediction market platforms.

Polymarket is already facing restrictions in several countries. The platform currently blocks or limits trading access in multiple regions, allowing some users only to close existing positions.

Earlier this year, Brazil restricted access to several prediction market platforms, including Polymarket and Kalshi, saying they operated outside local legal rules. Spain later introduced similar restrictions while reviewing claims of unlicensed gambling activity.

Despite these challenges, Polymarket is reportedly exploring expansion opportunities, including discussions about returning to the US market and plans to enter Japan.