South Korea hands Polymarket users to prosecutors in gambling probe

Provincial police in Gangwon-do referred 18 out of 26 suspected Polymarket bettors to prosecutors. The group collectively placed roughly 17.6 billion won, or $12.7 million, with one user alone accounting for 5.7 billion won.

The case opened in June after a request from the National Police Agency. Regulators classify the activity as illegal gambling because event outcomes cannot be known in advance. Access to the platform was blocked nationwide on August 18.

Polymarket argues it holds no user data and settles trades automatically via smart contracts. The communications commission rejected the claim, noting the platform sets trading rules and handles crypto inflows and outflows.

Based on information from https://cryptonews.net