South Korea moves to block Polymarket, citing speculative gambling concerns

BitcoinWorld South Korea moves to block Polymarket, citing speculative gambling concerns South Korea’s media watchdog, the Korea Communications Standards Commission (KCSC), has decided to block access to the cryptocurrency-based prediction market Polymarket, according to a report from local broadcaster MBN.

The decision, made during a telecommunications review subcommittee meeting today, marks a significant regulatory action against a platform that allows users to bet on the outcomes of real-world events.

Why the commission acted The commission determined that Polymarket’s structure constitutes speculative gambling.

Unlike traditional investment platforms, Polymarket uses a winner-takes-all profit and loss model, where users’ financial gains or losses depend entirely on the outcome of events beyond their control—ranging from political elections and economic indicators to weather patterns.