Prosecutors in Taiwan have charged a man with using a cryptocurrency betting platform.
Prosecutors in Taiwan have charged a man with using cryptocurrency betting platform Polymarket to bet on the 2024 election that ended on June 13.
The Shilin District Prosecutor’s Office reportedly charged a man surnamed “Chen” with betting approximately US$472 (USDC) at Polymarket on the victory of Taiwan People’s Party candidate Kuo Wen-ji in the presidential election.
Additionally, Chen also bet $60 that the country’s Democratic Progressive Party would win more legislative seats.
According to the report, the prosecution’s investigation found that Chen violated its laws on using the Internet to bet on election results. The country’s President and Vice President Removal Act prohibits citizens from using the Internet to bet on election results.
Chen admitted to the crime and received a stay of prosecution. As the citizen had no previous convictions, he was allowed to postpone the trial for one year and pay a fine of 30,000 yuan (about $4,000).
Taiwan warns Polymarket users against betting on elections
Taiwan is investigating citizens’ use of cryptocurrency betting platform Polymarket ahead of the election. In 2023, individuals were summoned to be investigated for their alleged involvement in betting with cryptocurrencies on election results.
Citizens have been warned against using platforms to bet cryptocurrencies on election results as they violate the law. According to a local report, violators could face up to six months in prison, detention or fines of more than $3,000.
about: Polymarket Players Bet $12 Million on Bitcoin Exchange Traded Fund Outcomes
What is Polymarché?
Polymarket is a popular betting platform used by many cryptocurrency players. The platform allows users to bet on serious topics like the decision of a Bitcoin exchange-traded fund, but also allows people to bet on trivial things, like how many times Elon Musk posts about increase.
In 2022, Polymarket also faced regulatory challenges in the United States. The betting platform reached an agreement with the Commodity Futures Trading Commission (CFTC) to pay $1.4 million in fines. It was also ordered to deny all markets that do not comply with Commodity Futures Trading Commission (CFTC) and Commodity Exchange Act (CEA) regulations.
Despite the challenges, the platform continued to thrive, attracting significant investors. On May 14, Ethereum co-founder Vitalik Buterin and Peter Thiel’s venture capital firm, Founders Fund, led a $70 million investment in the cryptocurrency betting platform.
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