Polymarket gambler face charges after Taiwan election bet

    2024.06.18 | exchangesranking | 31onlookers

    Prosecutors in Taiwan accused a man of using the crypto betting platform Polymarket to place bets on the country’s 2024 elections that concluded on June 13. 

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

    Furthermore, Chen also placed a 60 USD bet that the country’s Democratic Progressive Party would win more legislative seats.

    According to the report, the prosecutors’ investigation found that Chen violated its laws on using the web to gamble on election results. The country’s President and Vice President Election Recall Act prohibits citizens from using the internet to gamble on election results.

    Chen admitted to the crime and was granted deferred prosecution. Since the citizen had no previous convictions, he was allowed to defer prosecution for a year and pay a fine of 30,000 yuan (about $4,000).

    Taiwan warned Polymarket users not to bet on elections

    Taiwan has been investigating citizens’ use of the Polymarket crypto betting platform before the election. In 2023, individuals were summoned to face an investigation for their alleged involvement in crypto betting on the election results.

    Taiwan presidential election odds. Source: Polymarket

    Citizens have been warned not to use crypto betting platforms on election results, as it violates the law. According to a local report, violators could face a six-month imprisonment sentence, detention or fines of over $3,000.

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

    What is Polymarket?

    Polymarket is a popular betting platform many gamblers use in the crypto space. The platform allows users to place bets on serious matters like the spot Bitcoin exchange-traded fund decision but also allows gambling on frivolous things, like how many times Elon Musk would post on X or the temperature increase.

    In 2022, Polymarket also faced regulatory challenges in the U.S. The betting platform settled with the Commodity Futures Trading Commission (CFTC) to pay $1.4 million in fines. It was also ordered to wind back any markets not complying with CFTC and Commodity Exchange Act (CEA) regulations.

    Despite the challenges, the platform continued to thrive, attracting major investors. On May 14, Ethereum co-founder Vitalik Buterin and Peter Thiel’s venture capital firm, Founders Fund, spearheaded a $70 million investment into the crypto betting platform.

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