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SOUTH KOREA BANS POLYMARKET – REGULATORS CALL IT "ILLEGAL GAMBLING ENVIRONMENT"
$ETH
South Korean authorities just ordered a block on Polymarket after determining the crypto prediction market provides an illegal gambling environment for users.
The ruling: The Korea Communications Commission (KMCC) said Polymarket's "winner takes all" structure encourages gambling and speculation. Users could earn or lose money based on event outcomes in politics, sports, and weather.
Polymarket's defense: Removed Korean language services, doesn't support Korean won payments, and operates through non-custodial transactions and smart contracts.
The rejection: The KMCC rejected this, stating that technical features like authorization, trading interface, and order books do not exempt the service from Korean law.
Other countries: France, Australia, and Germany have already blocked Polymarket for similar gambling-related reasons.
👇 Do you use Polymarket? Type YES or NO.#GateEventPointsSystemLaunched