Woofun AI reports that the Broadcasting, Media and Communications Review Committee in South Korea has initiated a formal review of Polymarket, requiring the prediction market platform to submit its position before any corrective action is finalized regarding gambling concerns.

The regulatory framework underpinning this move is the National Gambling Control Commission Act, which explicitly defines "illegal gaming business" to include online services facilitating speculative gambling. This legislation grants authorities the mandate to monitor and combat such operations.

Structurally, Polymarket already operates under significant global constraints, with access blocked in 33 countries including the US, United Kingdom, France, Germany, Brazil, Singapore, Japan, and Australia.

Notably, this review represents a strategic pivot in South Korean enforcement, shifting focus from individual users to the platform itself. This escalation follows a police probe launched on June 5 by the Gangwon Provincial Police, acting on a request from the National Police Agency. That investigation targeted local users allegedly engaged in illegal gambling via election-related markets, marking the country’s first such probe into Polymarket participants.

Per Woofun AI, the potential penalties under South Korea’s Criminal Act are severe: gambling carries fines up to 10 million won ($6,500), while habitual offenses can result in three years imprisonment or fines up to 20 million won. Operating a gambling venue for profit faces up to five years in prison or fines of 30 million won. Polymarket’s compliance measures also exclude specific regions, including Alberta, British Columbia, Ontario, and Quebec in Canada, as well as Crimea, Donetsk, and Luhansk in Ukraine.

The platform maintains that its restrictions are designed to adhere to sanctions, local financial rules, gambling and prediction market laws, anti-money laundering requirements, and Know Your Customer regulations. This direct regulatory engagement signals a tightening of jurisdictional boundaries for decentralized prediction markets in Asia.