According to reports, a number of Taiwanese citizens were using Polymarket, a decentralised betting platform that experienced historically high trading volumes during the 2020 US presidential election.
Taiwanese citizens have allegedly been advised against using cryptocurrency betting platforms to place bets on the results of the upcoming presidential election scheduled for January 13, 2024. This counsel is being given in the midst of an investigation that has already called for the questioning of multiple people.
A recent local report claims that several Taiwanese nationals have bet on the upcoming presidential election through the decentralised betting platform Polymarket.
“The community reported that several individuals have been summoned for investigation by prosecutors and investigators for participating in Polymarket bets,” the report stated.
It is illegal to engage in gambling activities related to elections in Taiwan, though. It was mentioned that the Election and Recall Act’s Article 88-1 might be broken by it.
According to the report, there is also a possibility of a fine of up to 100,000 New Taiwan dollars, or roughly $3,188, or six months in jail or detention. Polymarkets encountered regulatory obstacles in the US in 2022.
The Commodities Futures Trading Commission (CFTC), which has its headquarters in New York, filed a lawsuit against the platform in January 2022.
Since June 2020, the platform, according to the CFTC, has been running a “illegal unregistered or non-designated facility.”However, Polymarket witnessed large trades occur on its platform during the 2020 US election, setting a new volume record of over $10 million.