South Korea Orders Domestic Access to Polymarket Blocked

South Korea will block domestic access to prediction-market platform Polymarket after regulators determined it effectively provides a gambling environment for local users.

News1 reported on August 18 that the Korea Communications Standards Commission's Broadcasting and Communications Deliberation Committee approved a corrective order to block access to Polymarket.

The committee determined that Polymarket constitutes information that aids gambling or is intended to establish a gambling venue under the criminal code. It also found the platform falls under information intended for "similar acts" under the National Sports Promotion Act.

The regulator said users' financial gains and losses are determined by the outcomes of events beyond their control, resulting in a winner-takes-all profit structure that encourages speculative behavior. It also cited the platform's operating model. According to the committee, Polymarket's operator oversees the platform overall, including market creation and trading rules, and provides systems for digital-asset deposits, withdrawals and settlement.

Before the review, the committee collected views from relevant agencies including the National Police Agency, the National Gambling Control Commission and the Korea Sports Promotion Foundation. Those agencies are understood to have said Polymarket's operating model could violate domestic laws covering the establishment of gambling venues and gambling offenses.

South Korea is not the only country to block access to Polymarket. France, Australia and Germany have previously taken similar steps.