Polymarket gets a South Korean jury of its peers — regulators want to hear its defense first 🇰🇷

South Korea's Broadcasting, Media and Communications Review Committee said Monday it will give Polymarket the chance to submit its position before deciding whether to take corrective action against the prediction market platform over gambling concerns. "We decided to provide an opportunity for Polymarket to submit its opinion to thoroughly verify the legality of Polymarket and the way the service is operated," the committee said in a machine-translated press release.

The move marks a shift in South Korea's scrutiny of Polymarket from individual users to the platform itself. It follows a June 5 probe by the Gangwon Provincial Police, reportedly the country's first illegal gambling investigation into local Polymarket users tied to election-related markets. That inquiry was requested by the National Police Agency, according to local media reports at the time.

Under South Korea's Criminal Act, gambling is punishable by a fine of up to 10 million won (about $6,500), while habitual gambling can carry up to three years in prison or a fine of up to 20 million won. Operating a gambling venue for profit is punishable by up to five years in prison or a fine of up to 30 million won. The country's National Gambling Control Commission Act defines an "illegal gaming business" as including online services that enable speculative gambling and grants regulators authority to monitor and combat such businesses.

Polymarket said its platform is restricted in 33 countries, including the United States, United Kingdom, France, Germany, Brazil, Singapore, Japan and Australia. The company said its restrictions are designed to comply with sanctions, local financial rules, gambling and prediction market laws, anti-money laundering requirements and Know Your Customer regulations. Polymarket also lists certain regions within otherwise accessible countries as restricted, including Alberta, British Columbia, Ontario and Quebec in Canada, as well as Crimea, Donetsk and Luhansk in Ukraine.