South Korea Seeks to Ban Polymarket Over Gambling Concerns

The Korea Media and Communications Commission has stated that Polymarket's structure and operations constitute illegal gambling under South Korean law. Despite the platform's noncustodial nature and use of smart contracts, regulators argue that its betting activities violate local regulations. This move follows increased scrutiny of crypto-based betting platforms in South Korea, aiming to curb unregulated gambling activities. The platform's operators have not yet issued a public response. This regulatory stance highlights ongoing efforts by South Korean authorities to enforce stricter controls over crypto-related gambling and betting services.