TLDR
- South Korea’s Broadcasting, Media and Communications Review Committee voted on Aug. 18 to block access to Polymarket
- Regulators said Polymarket’s winner-takes-all model encourages speculative gambling behavior
- Polymarket argued its non-custodial peer-to-peer structure places it outside gambling laws
- The regulator rejected that defense, saying decentralized tech does not exempt the platform from South Korean law
- South Korea joins more than 30 jurisdictions that have restricted Polymarket access
South Korea has ordered domestic access to the crypto prediction market Polymarket to be blocked, citing violations of the country’s Criminal Act and National Sports Promotion Act.
South Korea Blocks Polymarket Over Gambling Concerns
South Korea’s media regulator voted on Aug. 18 to block access to Polymarket, saying its winner-take-all markets on events including politics, elections, sports and weather encourage gambling. Polymarket argued that its… pic.twitter.com/MKgsozIqia
— Wu Blockchain (@WuBlockchain) August 18, 2026
The country’s Broadcasting, Media and Communications Review Committee voted on August 18 to issue a formal access-blocking request. Regulators concluded that parts of the platform fall under provisions covering gambling assistance and the opening of gambling venues.
Polymarket allows users to trade yes-or-no contracts tied to real-world events including elections, sports results, economic data and weather outcomes.
The committee said the platform’s winner-takes-all structure produces extreme financial gains or losses based on events outside users’ control. Regulators described this as encouraging speculative gambling behavior.
How Regulators Assessed the Platform
The committee examined how Polymarket creates markets, sets trading rules, processes crypto deposits and withdrawals, and settles trades. Regulators also looked at fees collected from share trading, which they said allow the platform operator to earn economic benefits.
One specific example cited during proceedings was a contract on rainfall in Seoul during August. Regulators used this as evidence that the platform continued offering markets relevant to South Korean users.
Polymarket argued during the review that its non-custodial peer-to-peer model and use of smart contracts mean the platform itself does not act as the organizer of wagers.
The company also said it does not directly collect or manage user funds and does not issue sports promotion betting tickets. It maintained that its operations therefore fall outside relevant South Korean law.
The committee rejected those arguments. Regulators said that regardless of its technical structure, Polymarket still manages market creation and trading rules while providing the infrastructure for crypto deposits and withdrawals.
South Korea Part of a Growing List of Restrictions
The regulator said that the absence of a Korean-language service or the use of decentralized technology could not be used to avoid South Korean legal requirements. South Korean users could still access markets using crypto, regulators noted.
Before the August 18 vote, the committee sought opinions from the National Police Agency, the National Gambling Control Commission and the Korea Sports Promotion Foundation. All three said Polymarket’s structure could fall within gambling provisions.
South Korea is now part of a group of more than 30 jurisdictions that have restricted Polymarket. Others include France, India, Spain, Argentina, Indonesia, Ukraine, the Czech Republic, Australia and Germany.
India blocked access in May after authorities classified prediction markets as illegal money gaming services. The Czech Republic followed in July after treating Polymarket as an unauthorized gambling service.
France blocked access on July 16, citing concerns about large user losses and potential manipulation of bets.
South Korean police had separately opened a criminal investigation into local Polymarket users in late May over alleged illegal gambling through election-related prediction markets.
Polymarket currently lists 39 countries as fully restricted from accessing the platform. South Korea was not yet reflected in that list as of the August 18 ruling.
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