South Korea Blocks Polymarket Access Over Illegal Gambling Concerns

South Korean authorities have ordered a block on Polymarket, the world's largest decentralized prediction market platform built on the Polygon blockchain, after determining that it provides an illegal gambling environment for users . The Korea Media and Broadcasting Commission classified Polymarket under categories related to facilitating gambling activities, citing the platform's "winner takes all" structure where users can earn or lose money based on outcomes of events including politics, sports, and weather . The regulator rejected Polymarket's defense that it had removed Korean language services, did not support payments in South Korean won, and operated through non-custodial transactions and smart contracts . Prior to South Korea, several other countries including France, Australia, and Germany had already blocked access to Polymarket for gambling-related reasons . This development highlights the growing regulatory scrutiny facing decentralized prediction markets globally.