Polymarket Faces Block in South Korea Over Gambling Concerns

South Korea’s media regulator moved to restrict access to the prediction market Polymarket on Aug. 18, citing the gambling-like characteristics of its event-based contracts.

The regulator approved the block after taking issue with Polymarket markets whose payouts depend on specific outcomes across elections and other political events, sports, and weather.

Polymarket has challenged the premise that it operates like a conventional gambling intermediary. The platform says users transact directly with one another through a non-custodial system, while smart contracts handle transactions without Polymarket taking control of customer funds.

Source: SBS News