Taiwan Residents Warned Against Crypto Betting on Presidential Election as Probe Intensifies

Residents of Taiwan have been cautioned against using cryptocurrency betting platforms to place bets on the upcoming presidential election, as it is against the law and can lead to severe penalties. The warning follows an ongoing investigation, where several individuals have already been summoned for questioning. It was reported that some citizens had used the decentralized betting platform Polymarket to participate in election-related gambling activities. However, this violates Article 88-1 of the Election and Recall Act and can result in imprisonment, detention, or a fine of up to NT$100,000 (approximately $3,188 USD). This is not the first time Polymarket has faced regulatory challenges, as the Commodity Futures Trading Commission initiated legal proceedings against the platform in the United States last year. Despite these obstacles, Polymarket saw significant trading volumes during the 2020 U.S. election, reaching over $10 million.

#BinanceTournament #CryptoNews🔒📰🚫

Remember : generous contributions support our mission, enabling us to work diligently and provide you with the best investment advice. Your tips are instrumental in enhancing our efforts to serve you better.