South Korea has given prediction market platform Polymarket an opportunity to defend its business before regulators decide whether to determine if the platform crosses the boundaries of the country's gambling laws.
The Broadcasting, Media and Communications Review Committee said on Monday it will hear Polymarket's position before deciding whether to issue a corrective request against the platform.
"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 move suggests South Korean authorities are weighing a more measured approach before determining whether restrictions should be imposed on one of the world's largest prediction market platforms.
The review centers on South Korea's National Gambling Control Commission Act, which classifies online services facilitating speculative gambling as illegal gaming businesses and grants authorities broad powers to investigate and combat such activities.
Under South Korea's Criminal Act, gambling can result in fines of up to 10 million won (around $6,500), while habitual gambling carries penalties of up to three years in prison or fines of up to 20 million won. Operating a gambling business for profit can result in prison terms of up to five years or fines of up to 30 million won.
Polymarket already faces access restrictions across 33 jurisdictions, including the United States, the United Kingdom, France, Germany, Brazil, Singapore, Japan and Australia, reflecting growing regulatory scrutiny of prediction markets worldwide.
The hearing marks a notable escalation in South Korea's approach. Rather than focusing solely on local users, regulators are now examining whether the platform itself complies with Korean law.
Authorities had previously targeted individuals using Polymarket. On June 5, Gangwon Provincial Police launched what local media described as South Korea's first illegal gambling investigation into Polymarket users over election-related prediction markets after receiving a request from the National Police Agency.
Polymarket says its geographic restrictions are designed to comply with sanctions, local financial regulations, gambling and prediction market laws, as well as anti-money laundering and Know Your Customer requirements.
Beyond restricting access in dozens of countries, the platform also blocks certain regions within otherwise permitted jurisdictions, including Alberta, British Columbia, Ontario and Quebec in Canada, along with Crimea, Donetsk and Luhansk in Ukraine.
South Korean police are investigating Polymarket users for suspected illegal gambling linked to crypto bets on real-world events. Authorities are tracing transactions and questioning users, with fines possible if laws were broken.
WeatherlyIn the current Polymarket trading ecosystem, the "late-day trading strategy" is becoming a popular approach. However, the key to the success or failure of the late-day trading strategy lies not in timing, but in the selection of underlying assets.
JinseFinancePolymarket boasts numerous "god-like" addresses that have achieved single-transaction profits of $100,000. However, with hundreds of thousands of accounts, a core question consistently plagues participants: Is this replicable alpha, or unsustainable luck?
JinseFinanceHave project teams evolved to the point where they're already reaping profits on Polymarket before even issuing their project tokens?
JinseFinancepolymarket, Summary of Polymarket's Profitable Ways Golden Finance, Summary of Polymarket's Ways to Make Money in the Binary Prediction Market.
JinseFinanceFrom getting rid of regulatory dilemmas to re-planning the future, every step of Polymarket is full of unknown challenges. At the same time, Polymarket also provides an example of how encryption technology can be used to solve social problems, inspiring the industry to try in more areas.
JinseFinanceGrayscale Research believes that Polymarket has the potential to become a “source of truth” by leveraging the transparency and record-keeping of blockchain technology, market incentives, and the collective wisdom of users.
JinseFinanceThe crypto market is known for its huge volatility, and prediction markets allow users to participate in the prediction of the outcomes of major events in a more stake-based way. This chart summarizes the prediction events with large trading volumes for investors to more accurately grasp the current market context.
JinseFinanceAs the crypto industry moves into the consumer application phase, Polymarket’s success in temporarily replacing existing prediction markets is significant.
JinseFinanceAs the expectations of $ETH ETF passing heat up, the market’s attention is gradually returning to the EVM ecosystem. As the largest prediction market on the chain, Polymarket has attracted much attention because of whether $ETH ETF can pass smoothly.
JinseFinance