South Korea blocks Polymarket, citing illegal crypto gambling

South Korea has pulled the plug on Polymarket, blocking local access to the blockchain-based prediction market platform. The country’s media and communications regulator made the move on August 18, classifying the platform’s core product as illegal gambling under domestic law. Seoul now joins more than 30 jurisdictions worldwide that have restricted or outright banned access to Polymarket. How we got here This wasn’t a snap decision. The Korea Communications Standards Commission opened a formal review back in May 2026, tasked with answering a seemingly simple question: does Polymarket constitute illegal gambling under South Korean law? Proceedings kicked off on July 6, and by mid-August, regulators had their answer. It does. The legal basis is straightforward. South Korea’s Criminal Act, specifically Article 246, and the National Sports Promotion Act collectively draw tight boundaries around permissible betting. The country allows only a handful of state-sanctioned gambling activities. Everything else, including trading shares on the outcomes of real-world events using digital assets, falls on the wrong side of the line. In early June 2026, the Gangwon Provincial Police Agency laun...