New York sues Polymarket over alleged illegal gambling business
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South Korean regulators are reviewing whether Polymarket constitutes illegal gambling, giving it an opportunity to respond before making a decision.
PANews reported on July 6 that, according to The Block, South Korea's media regulator will give Polymarket an opportunity to respond before deciding whether to take corrective action against its prediction market platform. The regulator is reviewing whether Polymarket's services constitute illegal gambling activities prohibited by South Korean law.
South Korea moves to block Polymarket over gambling concerns
The Korea Media and Communications Commission said Polymarket’s structure and operations amount to illegal gambling despite its noncustodial design and smart contracts.
CFTC, US soldier accused of illegal Polymarket bet spar over interpretation of prediction markets
A judge stayed the CFTC’s civil case against a soldier who allegedly used nonpublic information for a Polymarket bet, but the regulator is trying to weigh in on the criminal case.
The US CFTC has launched a broad investigation into Polymarket, covering social media activity and fraudulent transactions.
PANews reported on June 30th that, according to Bloomberg, the U.S. Commodity Futures Trading Commission (CFTC) is conducting a broad investigation into prediction market platform Polymarket, covering aspects of its business, including its social media activities. This comes after the Wall Street Journal reported that Polymarket employed dozens of social media creators, primarily college-aged, to produce fake trading videos to attract users. The investigation now covers other aspects of the company's business. The CFTC and the Department of Justice concluded their investigation last year into whether Polymarket violated a ban on U.S. users, but some U.S. users still bypassed the ban by using VPNs and other methods to access its main platform. Since reaching a settlement with the CFTC in 2022, Polymarket has technically banned U.S. users from using its main platform, but the company is taking steps to reinstate its main exchange in the U.S. and is cooperating with the CFTC to lift the ban.
Polymarket traders estimate a 23% probability that the US will block public access to major Chinese AI models by the end of 2026.
According to Odaily Odaily, Polymarket traders estimate there is a 23% probability that the U.S. government will block public access to major Chinese AI models by December 31, 2026, through legislation, executive orders, export controls, or other formal actions. Several departments within the U.S. Department of Commerce have already banned employees from using Deepseek on work devices due to data security concerns, and Virginia, Texas, and New York have also imposed bans on Deepseek devices for their state employees. (Bitcoin.com News)
The Payment & Clearing Association of China issued a warning to prevent cross-border gambling fraud involving virtual currency top-ups.
Odaily Odaily reports that the Payment & Clearing Association of China has issued a warning about preventing cross-border gambling scams involving virtual currency top-ups. The aim is to help the public raise their awareness of fraud prevention and gambling resistance, and improve their ability to identify and combat scams. The Association reminds the public that cross-border gambling is a losing proposition, and participating in gambling through virtual currencies is more concealed and risky. Participating in gambling or providing fund settlement services for gambling activities are illegal and violate regulations. Do not participate in virtual currency gambling transactions and safeguard your financial security.