Gangwon Provincial Police launched South Korea's first criminal investigation into domestic Polymarket users for illegal gambling, following a request from the National Police Agency. Users face fines of up to 10 million won ($6,500) under Article 246 of the Criminal Act. Polymarket remains accessible in South Korea despite being geoblocked in 35 regions globally as of June 5, 2026.
South Korea criminal investigation
- ▪The National Police Agency requested the Polymarket investigation led by Gangwon Provincial Police
- ▪Polymarket remains accessible in South Korea
- ▪Sports Toto is the state-authorized sports betting platform in South Korea
- ▪Polymarket users in South Korea may face fines of up to 10 million won ($6,500) under Article 246 of the Criminal Act covering gambling and habitual gambling
- ▪Gangwon Provincial Police launched South Korea's first illegal gambling probe into local Polymarket users
Global Polymarket restrictions
- ▪Polymarket is entirely geoblocked in 35 regions as of June 5, 2026
- ▪Singapore has completely blocked or prohibited Polymarket
Political betting scrutiny
- ▪In May 2026, the chair of the US House of Representatives' Oversight and Government Reform Committee sent letters to the CEOs of Kalshi and Polymarket questioning their response to insider trading allegations on the platforms
- ▪Conservative Oh Se-hoon won another term as mayor of Seoul in elections held on June 3, 2026
- ▪One Polymarket contract on whether Lee Jae-myung would be out as president saw nearly $54,000 in total trading volume
- ▪In January 2026, US lawmakers proposed legislation aimed at restricting political prediction market trading by government officials
- ▪President Lee Jae-myung's ruling Democratic Party swept most major local elections held on June 3, 2026
- ▪A Polymarket user netted over $400,000 on a contract related to the removal of then-Venezuelan President Nicolás Maduro, fueling insider trading concerns
KYC verification response
- ▪Polymarket is weighing the implementation of a mandatory identity verification system more in line with global Know Your Customer (KYC) verification standards
- ▪Cointelegraph reported on May 27, 2026 that Polymarket was weighing the implementation of a mandatory identity verification system
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