#skpolicerefer18polymarketuserstoprosecutors
South Korea refers 18 Polymarket users to prosecutors over $12.7M in bets
South Korean police have referred 18 of 26 investigated Polymarket users to prosecutors on illegal gambling charges. Combined bets totaled roughly 17.6 billion won ($12.7M), with the largest single bet at 5.7 billion won ($4.1M). Investigators tracked users by analyzing public blockchain transactions using open-source intelligence.
Police argue the trades fit South Korea's legal definition of gambling under Article 246. The users counter that Polymarket functions more like derivatives trading — contracts trade on an order book and can be closed before expiry, unlike a typical bet.
This follows South Korea's August 18 order to block domestic access to Polymarket entirely, citing its "winner-takes-all" structure.
Why it matters: how courts classify these contracts (gambling vs. derivatives) could set a precedent for how other countries regulate prediction markets going forward.
#Polymarket #Regulation #CryptoNews
South Korea refers 18 Polymarket users to prosecutors over $12.7M in bets
South Korean police have referred 18 of 26 investigated Polymarket users to prosecutors on illegal gambling charges. Combined bets totaled roughly 17.6 billion won ($12.7M), with the largest single bet at 5.7 billion won ($4.1M). Investigators tracked users by analyzing public blockchain transactions using open-source intelligence.
Police argue the trades fit South Korea's legal definition of gambling under Article 246. The users counter that Polymarket functions more like derivatives trading — contracts trade on an order book and can be closed before expiry, unlike a typical bet.
This follows South Korea's August 18 order to block domestic access to Polymarket entirely, citing its "winner-takes-all" structure.
Why it matters: how courts classify these contracts (gambling vs. derivatives) could set a precedent for how other countries regulate prediction markets going forward.
#Polymarket #Regulation #CryptoNews
