South Korea Blocks Polymarket Over Gambling Rules

South Korea has officially blocked domestic access to the prediction platform Polymarket. The Korea Communications Commission announced the decision after consulting with police and gambling regulators. Officials stated that the platform violates the country criminal act and the national sports promotion act by operating an unlicensed gambling venue.

Regulators pointed to the winner take all structure of Polymarket as the main issue. They argued that betting on events like politics, weather, and sports encourages illegal gambling. The platform previously removed its Korean language option and stopped accepting local currency, but regulators rejected those defenses and moved forward with the nationwide internet block anyway.

This ban puts South Korea alongside more than 30 other countries, including France and Argentina, that restrict the site. Traders should keep an eye on how prediction markets adapt their compliance strategies as global regulators increase pressure on decentralized betting platforms.