Taiwanese Citizen Charged for Betting on Polymarket Crypto Platform

Prosecutors in Taiwan have charged a citizen named Chen for placing cryptocurrency bets on the outcomes of the country’s January elections via the prediction platform Polymarket, as reported by local media.

According to the case details, Chen wagered 472.17 USDC on the victory of Taiwan People’s Party presidential candidate Ko Wen-je and $60.19 on the Democratic Progressive Party securing a majority in parliament.

Authorities believe this action violated the ban on using the internet for election result speculation.

Chen admitted guilt. As he had no prior convictions, he was granted a one-year deferment from prosecution, contingent upon paying a fine of 30,000 yuan (~$4000).

He could subsequently face up to six months in prison.

The Polymarket platform enables users to make predictions on various events using cryptocurrency. According to its data, at the time of writing, users had wagered over $176 million on the upcoming U.S. presidential elections. Donald Trump leads with 56% against Joe Biden’s 34%.

Earlier in May, Taiwan enforced prison sentences for using cryptocurrencies for money laundering.