South Korea Considers Action Against Polymarket Over Gambling Concerns

South Korea’s media oversight body said it will give Polymarket a chance to present its case before deciding whether to issue a corrective request against the Polymarket . The Broadcasting, Media and Communications Review Committee announced Monday it would allow the company to submit its position as regulators examine whether the platform’s operations comply with local law.

The committee said the step was meant to thoroughly verify the legality of Polymarket’s service before any formal action is taken. South Korea’s National Gambling Control Commission Act classifies online services that enable speculative gambling as illegal gaming businesses, giving regulators authority to monitor and act against them.

Scrutiny Shifts From Users to the Platform

The review marks a change in approach, moving regulatory attention from individual users to the platform itself. It follows a police investigation launched last month into South Korean users accused of illegal gambling tied to election-related prediction markets. That probe, opened by Gangwon Provincial Police at the request of the National Police Agency, was reportedly the country’s first such case involving Polymarket.

Under South Korea’s Criminal Act, gambling can carry fines up to 10 million won, while habitual gambling may result in prison time or larger fines. Operating a gambling venue for profit carries even steeper penalties, including up to five years in prison.

Part of a Broader Pattern of Restrictions

Polymarket already restricts access in 33 countries, including the United States, United Kingdom, Germany, Japan and Australia, citing compliance with sanctions, financial regulations, anti-money laundering rules and know-your-customer requirements. The company also blocks access in specific regions within otherwise permitted countries, such as several Canadian provinces and parts of Ukraine.

South Korea’s decision on whether to pursue formal corrective action against the platform is still pending.