South Korea has officially banned access to Polymarket after the country’s Broadcasting, Media and Communications Standards Commission ordered domestic internet service providers to block the platform.
The commission concluded that Polymarket constitutes a “substantive illegal gambling environment” under South Korean law, bringing a definitive end to a review process that began in May 2026.
The Communications Review Subcommittee voted on August 18, 2026 to issue a corrective request requiring all domestic providers to restrict user access to the crypto-native prediction market.
Regulators determined that parts of the platform fall under provisions covering gambling assistance, the opening of gambling venues, and activities prohibited under the National Sports Promotion Act.
The formal investigation was opened on May 21, 2026, when the KCSC launched a review into whether Polymarket qualified as an illegal gambling site under South Korean domestic law.
Polymarket was initially given the opportunity to state its position before the subcommittee made any decision on corrective measures, a standard procedural step in the review process.
The investigation was also triggered by significant betting volumes surrounding the June 3 local elections, including predictions on the Seoul mayoral race, which saw trading volume exceeding $52 million.
South Korea’s Criminal Act, specifically Article 246, alongside the National Sports Promotion Act, draws tight restrictions around permissible betting, with only a handful of state-sanctioned gambling activities permitted in the country.
Regulators argued that Polymarket’s winner-takes-all structure, where users can gain or lose money based on real-world outcomes including politics, sports, and weather, encourages speculative gambling behaviour.
Polymarket defended itself by pointing out it had removed Korean-language services, does not support payments in Korean won, and operates through noncustodial transactions and smart contracts rather than directly managing user funds.
The commission rejected those arguments outright, stating that technical characteristics such as decentralisation, trading interfaces, and order books do not exempt a service from South Korean law.
This marks the first time a Korean media watchdog has moved to fully cut off retail access to a decentralised prediction market at the network level, setting a notable regulatory precedent.
South Korea now joins more than 30 jurisdictions worldwide that have restricted or outright banned access to Polymarket, with France, Australia, and Germany among countries that have acted on gambling-related grounds.
Following the ban, Polymarket is expected to shift Korean users to a close-only mode, allowing them to exit existing positions while blocking any new trades from being placed.
