South Korean police opened the country’s first illegal gambling probe into domestic Polymarket users on Jun. 5, targeting residents who placed bets on the Jun. 3 local election outcomes.

The Gangwon Provincial Police Agency is leading the investigation at the request of the National Police Agency, tracing cryptocurrency transaction records to identify users nationwide.

Those identified face potential fines of up to 10 million won ($6,500) under Article 246 of the Criminal Act. Polymarket’s resolved 2026 Seoul mayoral election market alone showed a total volume of $52.2 million, putting activity well into the tens of billions of won across Korean election markets.

South Korea ranks 15th in Chainalysis’ 2025 Global Crypto Adoption Index, the…