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South Korean police have launched a criminal investigation into domestic users of Polymarket, the crypto-native prediction market platform, over alleged violations of the country’s gambling laws. The probe was initiated on June 5, 2026, by the Gangwon Provincial Police Agency at the request of the Korean National Police Agency.
The investigation centers on South Korean users who placed bets on markets tied to the country’s local elections held on June 3, 2026. More than $52 million was wagered by Korean users on election-related markets.
The legal basis for the investigation sits in Article 246 of South Korea’s Criminal Act, which covers gambling offenses. Users found guilty face fines of up to 10 million won, roughly $6,500.
This represents the first formal enforcement action in South Korea that specifically targets individual prediction market users rather than the platform facilitating the trades.
South Korean media had flagged potential illegal gambling concerns related to Polymarket as early as May 22, 2026, roughly two weeks before the local elections that became the focal point of the probe.
South Korea has historically maintained strict gambling laws. The country permits very limited forms of legal gambling, mostly restricted to specific venues and activities. Online gambling is broadly prohibited for Korean citizens, regardless of whether the platform is based domestically or overseas.
Polymarket, by design, doesn’t impose geographic restrictions on its users. The platform lets anyone with a crypto wallet place bets on real-world events, from elections to economic indicators, with transactions processed using US dollar-pegged stablecoins.
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