Polymarket has had a lot to celebrate in recent months – the return to the market in the United States has been its biggest and most important milestone to date.
The company’s valuation is running in the billions, and there seems to be no legal hurdle back at home that is likely to stop the company from providing its event contracts, despite pushback from state authorities.
Polymarket Faces Increased Pressure Worldwide
Internationally, however, Polymarket has experienced increased scrutiny, with Denmark recently following up on a court order and blocking the website, along with 97 others, deeming the service to be a form of “illegal gambling.”
Now, South Korea has similarly moved against the US-based platform, with the Korea Media and Communications Commission authorizing a block against the website, but not yet clear if it has been applied on a technical level by ISPs.
The action has been coordinated with multiple agencies, including the Korean National Police Agency, the National Gambling Control Commission, and the Korea Sports Promotion Foundation.
South Korean agencies have determined that Polymarket “incites gambling tendencies” and that the platform’s operations go against the country’s National Sports Promotion Act.
On the block itself, it is not clear when Internet service providers would begin issuing restrictions against the website. While Polymarket attempted to argue its case and stipulate that it did not fall under the Communications Network Utilization and Information Protection Act.
Prediction Market Platform Known to Comply with Regulatory Decisions
It further added that it did not qualify as an “administrator” under South Korean laws, but the National Gambling Control Commission has not accepted the prediction market’s arguments.
Despite its opposition to legal interpretation, Polymarket has been known to comply immediately in the wake of regulatory decisions against it.
Presently, the platform is blocked in multiple locations worldwide, with some 39 countries on its list, including places such as North Korea, Myanmar, Indonesia, Taiwan, Thailand, China, and Japan.