Polymarket launches KYC to block 35 countries, prediction markets enter the KYC era, official denial: only in testing phase

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Prediction market Polymarket is moving from "anonymous betting" to "KYC verification," though the company denies the reports, claiming it is merely testing. (Previous coverage: The end of the anonymous betting era for prediction markets? Polymarket rumored to fully strengthen KYC verification) (Background: U.S. House of Representatives investigates insider trading on prediction markets Polymarket and Kalshi to prevent officials from profiting from "state secrets") Prediction market leader Polymarket is quietly changing the rules of the game. According to a report by The Information on Wednesday (5/28), the platform, which started with "anonymous betting," has initiated mandatory KYC (Know Your Customer) verification procedures, requiring traders to provide identity documents to cope with regulatory pressure from countries around the world. Polymarket currently still operates anonymously, with users only needing to connect their wallets to place bets without showing any proof of identity. However, with Asian countries like South Korea and Indonesia blocking the platform one after another, and the U.S. House of Representatives discovering cases of insider trading, Polymarket is accelerating its transition from a "wild prediction market" to an "institutional-grade trading platform." However, Polymarket VP of Engineering Josh Stevens responded to The Information's report on 5/28: The report is inaccurate. Polymarket is currently testing a new beta product that only requires some trial users to complete KYC verification during the testing period; the existing Polymarket website has not added any KYC requirements. He further stated that after the test product concludes, users will no longer need KYC. As of Wednesday, Polymarket has "geo-blocked" 35 countries, restricting local residents from placing bets on the platform. These regions include countries under sanctions due to military conflicts, such as Iran, Russia, and North Korea. According to official Polymarket documents, geo-blocking means that residents of these countries will be unable to place orders on the platform. However, what is truly critical is that to ensure bettors are from the corresponding regions, Polymarket now requires all traders to complete identity verification. This move is a direct response to anti-gambling laws in multiple countries. The Korea Communications Standards Commission (KCSC) officially launched an investigation into Polymarket on 5/22, determining whether 32 South Korean political markets on the platform involve illegal gambling. The Indonesian Ministry of Communication and Information Technology also announced the blocking of Polymarket on 5/25, characterizing it as an "illegal online gambling platform," triggered by a betting market on the platform regarding "when" President Prabowo would leave office. Polymarket's anonymous nature makes user identities difficult to track, which has also sparked a series of insider trading cases. The most notable was the 5/21 report: a U.S. soldier used classified intelligence to bet in advance on the capture of Venezuelan President Maduro, ultimately winning $400,000 on Polymarket. U.S. House Committee on Oversight and Accountability Chairman James Comer subsequently announced an investigation into insider trading on Polymarket and Kalshi, demanding that the platforms hand over internal data on user vetting and transaction monitoring. Bipartisan lawmakers are brewing new legislation to block government officials and members of Congress from participating in prediction markets. Meanwhile, former U.S. President Trump posted on Truth Social on Tuesday, publicly supporting the Commodity Futures Trading Commission (CFTC) having "exclusive jurisdiction" over prediction markets. Trump's remarks align with the position of CFTC Chairman Michael Selig, who has filed lawsuits against several state-level officials, accusing them of using local gambling laws to target Polymarket and Kalshi. Interestingly, Trump's son, Donald Trump Jr., is a strategic advisor to Kalshi and an advisor to Polymarket; both competing platforms have gained the favor of the White House family. Polymarket's KYC transition is not an isolated event. Binance announced on 5/25 the launch of an "Event Trench" feature on its official wallet, which also requires users to complete KYC to participate. Prediction markets are moving from "on-chain anonymous betting" to "institutional-grade compliant trading." Analysts point out that the significance of KYC verification lies not only in avoiding being blocked by multiple countries but also as a key step in attracting institutional capital. When traditional investment funds and insurance companies begin to allocate to prediction markets, they require traceable transaction records and clear proof of identity, rather than just wallet addresses. If Polymarket fully implements KYC, it is expected to become the first benchmark of the "real-name era" for the prediction market industry. But for retail investors, this also means that the convenience of anonymous betting will be gone forever. Source: The Information

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