Polymarket gambler face charges after Taiwan election bet

Prosecutors in Taiwan accused a person of utilizing the crypto betting platform Polymarket to put bets on the nation’s 2024 elections that concluded on June 13. 

The Shilin District Prosecutor’s Workplace reportedly accused a person with the surname “Chen” of betting about 472 USD Coin (USDC) on Polymarket that the Taiwan Individuals’s Occasion’s candidate Ko Wen-je would win the presidential elections. 

Moreover, Chen additionally positioned a 60 USD guess that the nation’s Democratic Progressive Occasion would win extra legislative seats.

In response to the report, the prosecutors’ investigation discovered that Chen violated its legal guidelines on utilizing the online to gamble on election outcomes. The nation’s President and Vice President Election Recall Act prohibits residents from utilizing the web to gamble on election outcomes.

Chen admitted to the crime and was granted deferred prosecution. For the reason that citizen had no earlier convictions, he was allowed to defer prosecution for a 12 months and pay a high quality of 30,000 yuan (about $4,000).

Taiwan warned Polymarket customers to not guess on elections

Taiwan has been investigating residents’ use of the Polymarket crypto betting platform earlier than the election. In 2023, people have been summoned to face an investigation for his or her alleged involvement in crypto betting on the election outcomes.

Residents have been warned to not use crypto betting platforms on election outcomes, because it violates the legislation. In response to a neighborhood report, violators may face a six-month imprisonment sentence, detention or fines of over $3,000.

Associated: Polymarket punters gambled $12M on the outcome of spot Bitcoin ETFs

What’s Polymarket?

Polymarket is a well-liked betting platform many gamblers use within the crypto house. The platform permits customers to put bets on critical issues just like the spot Bitcoin exchange-traded fund choice but additionally permits playing on frivolous issues, like what number of occasions Elon Musk would submit on X or the temperature improve.

In 2022, Polymarket additionally faced regulatory challenges in the U.S. The betting platform settled with the Commodity Futures Buying and selling Fee (CFTC) to pay $1.4 million in fines. It was additionally ordered to wind again any markets not complying with CFTC and Commodity Change Act (CEA) laws.

Regardless of the challenges, the platform continued to thrive, attracting main buyers. On Might 14, Ethereum co-founder Vitalik Buterin and Peter Thiel’s enterprise capital agency, Founders Fund, spearheaded a $70 million investment into the crypto betting platform.

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