Prosecutors in Taiwan have reportedly charged a man with using the crypto betting platform Polymarket to place bets on the country’s 2024 elections, which concluded on June 13.
According to local reports, the Shilin District Prosecutor’s Office identified the man as “Chen,” accusing him of betting approximately 472 USDC on Polymarket that Ko Wen-je, the Taiwan People’s Party candidate, would win the presidential election. Additionally, Chen placed a 60 USD bet on the Democratic Progressive Party winning more legislative seats.
Prosecutors reportedly claimed that Chen’s actions violated Taiwan’s laws prohibiting the use of the Internet to gamble on election outcomes, specifically under the President and Vice President Election Recall Act.
Chen has reportedly admitted to the charges and was granted deferred prosecution. Given his lack of prior convictions, he was allowed to defer prosecution for one year and was fined 30,000 yuan (around $4,000).
Polymarket is a well-known platform among crypto enthusiasts and it allows users to wager on significant events like the decision on a spot Bitcoin exchange-traded fund, as well as more trivial matters, such as the frequency of Elon Musk’s posts on X.
This is not the first instance of Taiwanese citizens using Polymarket. Local reports indicate that many Taiwanese have been engaging with the crypto betting platform, especially for political events, and officials began to notice this in 2023. Since then, the authorities have stepped up their efforts, launching an investigation into cryptocurrency betting and warning against using such platforms to bet on election results.
Several individuals have been reportedly summoned for investigation by prosecutors and investigators for participating in Polymarket bets. According to these reports, some of those found guilty could face up to six months of imprisonment, detention, or a fine of up to 100,000 New Taiwan dollars (approximately $3,188).
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