South Korean police launch first investigation into Polymarket users for suspected illegal gambling

According to The Korea Business, South Korean police are investigating domestic users of Polymarket—the world’s largest prediction market platform—for alleged violations of Article 246 of the Criminal Act (gambling offenses), which carries a maximum fine of KRW 10 million. This investigation—led by the Gangwon Provincial Police Agency upon delegation from the National Police Agency—is the first criminal probe targeting Polymarket users in South Korea, covering users nationwide. It is reported that South Korean users placed bets on the platform using USD-pegged stablecoins, with no restrictions imposed by the platform; for instance, the June 3 local elections alone attracted hundreds of billions of won in betting volume.