South Korea’s Korea Communications Standards Commission (KCSC), is formally reviewing whether Polymarket hosts illegal gambling content, according to a commission spokesperson.

The review follows the appearance of contracts tied to South Korea’s June local elections on the crypto-based prediction market.

South Korea generally bans real-money betting except through limited authorised channels.

Using overseas platforms like Polymarket may also violate local laws.

If regulators find a violation, the KCSC has historically issued corrective requests. Those requests can prompt telecom operators to block foreign-hosted sites, including gambling-related content.

The review adds to broader scrutiny of Polymarket.

Polymarket and Kalshi have argued that their services are not gambling because users trade contracts rather than bet against a house.

Polymarket has already been blocked or restricted in several countries.

🔗 Source: Bloomberg

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