Polymarket weighs mandatory KYC after geoblocking 35 countries
Polymarket is considering mandatory KYC after blocking access from 35 jurisdictions, including Iran, Russia and North Korea, amid scrutiny over sanctions and insider-trading risks.
Polymarket is weighing mandatory Know Your Customer (KYC) checks after restricting trading access from 35 jurisdictions, including Iran, Russia and North Korea, as regulators and governments increase scrutiny over sanctions exposure and legal risk.
The platform has geoblocked residents of the 35 jurisdictions from placing orders. Company officials have discussed requiring identity documentation before users can trade on event-based prediction markets, aligning account verification with common KYC procedures.
Users on Polymarket have typically operated under pseudonyms, limiting public visibility into who places wagers on politically sensitive or security-related contracts. Regulators have flagged anonymous trading as a legal risk. U.S. authorities have pointed to a reported case in which a U.S. service member placed a wager on the capture of Venezuelan President Nicolás Maduro and allegedly used classified information to collect roughly $400,000.
Several national regulators have blocked or restricted access to Polymarket over concerns that the platform could enable illegal gambling or sanctions violations. U.S. federal officials are also asserting oversight of prediction markets. CFTC Chair Michael S. Selig has filed lawsuits challenging state-level crackdowns on platforms in the sector. President Donald Trump posted on Truth Social that the Commodity Futures Trading Commission should have “exclusive jurisdiction” over prediction markets. Donald Trump Jr. is listed as a strategic adviser to Kalshi and as an adviser to Polymarket. U.S. House lawmakers have opened a probe into Kalshi and Polymarket, citing risks that elected officials could engage in insider trading and noting contracts tied to the Israel-Iran conflict.
KYC procedures typically require platforms to verify names, photos and identity documents and to screen customers against sanctions lists. Supporters of stricter verification say such checks can limit access by sanctioned individuals and reduce the risk of trades based on nonpublic information. Critics raise concerns about user privacy and the appeal of prediction markets for participants who prefer anonymity.
Polymarket did not immediately respond to requests for comment on potential KYC requirements and the scope of its geoblocking.
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