[South Korean Police Launch Illegal Gambling Investigation into Local Polymarket Users] Odaily Planet Daily News: South Korean police are investigating local users of the prediction market platform Polymarket on suspicion of illegal gambling. Polymarket is classified as private gambling in South Korea and is deemed illegal under current laws. According to police sources, the Gangwon Provincial Police Agency has recently been commissioned by the National Police Agency to investigate domestic Polymarket users. This marks the first such action targeting local users nationwide, including in Gangwon Province. Under Article 246 of the South Korean Criminal Code, all gambling activities are illegal except for Sports Toto, which is operated by the Korea Sports Promotion Foundation and has a betting limit of 100,000 KRW. Users involved in illegal gambling may face fines of up to 10 million KRW. Some lawyers representing the investigated users have pointed out that while the case meets the criteria for illegal gambling, there is no precedent in the country for penalties related to the use of Polymarket, making the severity of potential punishments difficult to predict. Currently, accessing Polymarket does not require the use of IP proxies or similar methods, and even though South Korean users place bets using USD stablecoins, the platform imposes no restrictions. The June 3 local elections have become a popular betting subject, with gambling amounts reaching hundreds of billions of KRW. (Chosun)