Several Taiwanese residents were said to be using the decentralized betting platform Polymarket, which saw record-breaking trading volumes during the 2020 US election With the Taiwan presidential election less than a month away, residents of Taiwan have reportedly been warned against betting on the presidential outcome using cryptocurrency betting platforms. This advice comes amid an ongoing investigation in which several people have already been summoned for questioning.
According to a recent local report, a number of Taiwanese citizens have placed bets on the upcoming presidential election scheduled for January 13, 2024 on the decentralized betting platform Polymarket.
“The community reported that several individuals have been summoned for investigation by prosecutors and investigators for participating in Polymarket bets,” according to the news release.
Participating in election-related gambling activities, on the other hand, is illegal in Taiwan. It was pointed out that it might violate Article 88-1 of the Election and Recall Act.
According to the report, there is the possibility of six months in prison, detention, or a fine of up to NT$100,000, or $3,188 USD, Polymarkets faced regulatory challenges in the United States just last year.
The Commodity Futures Trading Commission (CFTC), based in New York, filed a lawsuit against the platform in January 2022.
According to the CFTC, the platform has been operating a “illegal unregistered or non-designated facility” since June 2020.
However, during the 2020 U.S. election, Polymarket saw significant trade, setting a new volume record of more than $10 million.