South Korea has delayed any immediate action against crypto-based prediction market Polymarket, giving the platform an opportunity to explain how its service operates before regulators decide whether it violates the country’s gambling laws.
South Korea is actively reviewing and updating its crypto regulations. The country has delayed enforcement against Polymarket while giving it a chance to respond to gambling law concerns, and is also drafting rules for court-ordered crypto seizures. This reflects a nuanced…
— Ben Ben Ben (@BenRustC) July 6, 2026
The country’s Broadcasting, Media and Communications Review Committee announced on Monday that it will hear Polymarket’s position before making a final decision on whether to issue a corrective request against the platform.
According to the committee, the move is intended to allow a full review of Polymarket’s legal status and how the service is run before any enforcement action is taken.
Why is South Korea reviewing Polymarket?
South Korean authorities are examining whether Polymarket’s prediction markets fall under the country’s laws against illegal online gambling.
Under the National Gambling Control Commission Act, businesses that provide online services for speculative gambling can be classified as illegal gaming operators. The law gives regulators the authority to monitor and take action against such platforms if they are found to be in violation.
The latest review does not represent a final ruling. Instead, regulators will first consider Polymarket’s response before deciding on any corrective measures.
ALSO READ: How Axiom Probe Uncovered $1.2M Suspected Insider Betting on Polymarket
Scrutiny expands from users to the platform
In June, the Gangwon Provincial Police opened what was reported to be the country’s first investigation into local Polymarket users over alleged illegal gambling tied to election-related prediction markets. The investigation followed a request from the National Police Agency.
South Korea’s Criminal Act allows fines of up to 10 million won (around $6,500) for gambling offences, while habitual gambling can result in prison sentences of up to three years or fines of up to 20 million won. Operating a gambling business for profit carries even heavier penalties, including up to five years in prison or fines of up to 30 million won.
Polymarket already face blocked access in dozens of countries
The South Korean review comes as Polymarket continues to face restrictions in multiple jurisdictions.
According to the company, access to its platform is already blocked in 33 countries, including the United States, the United Kingdom, France, Germany, Brazil, Singapore, Japan and Australia.
Polymarket says these restrictions are designed to comply with local gambling laws, financial regulations, sanctions rules, anti-money laundering requirements and Know Your Customer (KYC) obligations.
The platform also limits access in certain regions within countries where it is otherwise available, including several Canadian provinces and parts of eastern Ukraine.
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