South Korea’s media regulator is reviewing whether Polymarket’s platform hosts illegal gambling content, in the latest sign of mounting regulatory pressure for one of the world’s largest prediction markets.
The Korea Communications Standards Commission, which oversees broadcast and online media, has opened a formal review into whether the service constitutes gambling or violates national law, a commission spokesperson told Bloomberg News on Friday.
The spokesperson did not elaborate on the details of the review or say when it would be concluded. The review was first reported by Bloomingbit on Thursday.
The move comes as South Korea prepares for local elections in June. Several contracts related to outcomes in those elections have appeared on Polymarket, where users bet on the outcome of events using cryptocurrency.
South Korea enforces strict anti-gambling laws, limiting activity to state-authorized channels such as horse racing and sports betting. Prediction market operators including Polymarket and rival Kalshi have maintained that their platforms do not fall under gambling laws because odds are determined by market participants buying and selling contracts rather than by a centralized “house.”
Polymarket has faced increasing scrutiny amid global expansion, with the platform blocked or restricted in several countries. The company is currently seeking approval to operate in Japan and recently appointed a representative there to lead lobbying efforts, Bloomberg News reported on Friday.
