South Korea has ordered access to Polymarket to be blocked after determining that the crypto prediction market provides an illegal gambling environment despite its noncustodial design and smart contracts. The Korea Media and Communications Commission ruled that Polymarket’s winner-takes-all structure, where users can gain or lose money based on outcomes including politics, sports and weather, encourages speculative gambling behavior. Polymarket had argued it removed Korean-language services and does not support payments in Korean won, but the commission rejected those arguments. France, Australia and Germany have also blocked access to Polymarket on gambling-related grounds. JPMorgan has separately cut its banking ties with the platform over regulatory concerns.
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