Polymarket Faces Korean Compliance Crossroads
A quick take based on recent coverage of Polymarket's regulatory situation in Korea. ( @bloomingbit_io )
๐ https://t.co/agNc6Ufo0I
The Korea Communications Standards Commission (KCSC) has launched a formal review of Polymarket to determine whether it violates domestic gambling laws.
Polymarket is currently accessible in Korea without restrictions and offers Korean-language services. The key issue is the "ARUSFTI": overseas virtual asset service providers offering Korean-language services and targeting Korean users must register with the Financial Intelligence Unit (FIU).
Polymarket already meets these conditions.
The 2021 Binance case is a useful precedent. Rather than comply with FIU registration requirements, Binance quietly dropped its Korean-language service and blocked KRW deposits - effectively exiting the market.
Polymarket now faces the same choice: comply and stay, or quietly withdraw. Both its decision and the Korean government's response will be worth watching.
cc @Polymarket@PolymarketTrade@zscdao
@NicoleXBT@Polymarket@zscdao Yo, Nicole. I'm a little busy days because of In real life. If you have any agenda please message to me through TG.
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Always appreciate.
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Some color on why this is significant:
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For the love of the game.