Polymarket users face gambling probes in South Korea and Ireland
Police in South Korea have launched an investigation into domestic users of Polymarket on suspicion of illegal gambling tied to election outcomes, according to Biz.chosun.com. The probe targets individual traders rather than the platform itself, reflecting a regulatory gap in how offshore prediction markets are treated under South Korean gambling and election laws. Separately, Irish authorities have opened an investigation into Polymarket after large and sudden financial positions were recorded against candidate Gerry Hutch, with the probe focusing on unusual trading activity on the platform. The Irish article does not specify which agency is leading that investigation or whether the trades involved a specific political market on Hutch's electoral prospects.
These parallel investigations treat Polymarket as an unregulated offshore venue rather than a regulated financial exchange, leaving individual traders exposed to prosecution while the platform itself operates beyond local enforcement reach.