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Crypto

Polymarket weighs mandatory identity checks instead of anonymous trading

Prediction market platform Polymarket is reviewing whether to require know-your-customer checks, reconsidering an operating model that has allowed users to trade under pseudonyms. The move comes as the company faces growing legal risks tied to sanctions violations and illegal gambling allegations, and as more countries block or restrict access. Polymarket has geoblocked users in 35 countries, including Iran, Russia and North Korea. U.S. political and congressional scrutiny has also intensified.

Crypto

Kalshi, Polymarket fail to block Nevada, Washington gambling lawsuits

Prediction market platforms Kalshi and Polymarket failed to block gambling-related lawsuits brought by the U.S. states of Nevada and Washington, The Block reported on May 22. The 9th U.S. Circuit Court of Appeals rejected their request to stop lower court rulings and sent the cases back to state court. Judges said the companies did not show they were likely to prevail on claims federal courts had jurisdiction.

Finance

FSS to introduce rules on PG firms reselling virtual accounts, effective July

South Korea\'s Financial Supervisory Service will introduce standards to directly regulate the overall resale of virtual accounts by payment gateway firms, aiming to prevent illegal acts involving such accounts. The rules cover merchant screening and follow-up management, pre-emptive blocking of suspected illegal transactions and anti-money laundering obligations, including CDD and STR. The standards will take effect on July 1 after a preparation period for system development.