A man in Taiwan has been accused by prosecutors of using the crypto betting platform Polymarket to place bets on the outcome of the country’s 2024 elections, which concluded on June 13.
The man, identified only by the surname “Chen,” allegedly placed bets totaling about 472 USD Coin (USDC) on Polymarket predicting that Taiwan People’s Party candidate Ko Wen-je would win the presidential elections. Additionally, Chen reportedly placed a 60 USD bet on the Democratic Progressive Party winning more legislative seats.
Prosecutors from the Shilin District Prosecutor’s Office found that Chen had violated laws prohibiting citizens from using the internet to gamble on election results. Chen admitted to the offense and was granted deferred prosecution, being required to pay a fine of 30,000 yuan (approximately $4,000).
Prior to the election, Taiwan had warned Polymarket users against betting on election results, as it is against the law in the country. Violators could face imprisonment, detention, or fines exceeding $3,000.
Polymarket is a popular betting platform in the crypto space that allows users to bet on a variety of topics, from serious matters like the spot Bitcoin exchange-traded fund decision to more frivolous bets like the frequency of Elon Musk’s social media posts.
Despite facing regulatory challenges in the U.S. in 2022, Polymarket continued to thrive and attracted significant investments from notable figures such as Ethereum co-founder Vitalik Buterin and Peter Thiel’s venture capital firm, Founders Fund. On May 14, they led a $70 million investment into the platform.