South Korean police refer 18 Polymarket users to prosecutors over illegal gambling allegations

The Gangwon Provincial Police Agency in South Korea has referred 18 users of the prediction market platform Polymarket to prosecutors, with a total of 26 individuals under investigation. The cumulative betting volume involved is approximately 17.6 billion KRW, with one individual betting up to 5.7 billion KRW. Authorities allege the activity constitutes illegal gambling, while users argue the platform functions as a crypto derivatives market. South Korean authorities have previously moved to block access to the platform.