July 24, 2024
Latest Cryptocurrency News

Man Accused of Crypto Betting on Taiwan’s 2024 Elections

Prosecutors in Taiwan have accused a man of using the crypto betting platform Polymarket to place bets on the country’s 2024 elections, which concluded on June 13. The Shilin District Prosecutor’s Office identified the man as Mr. Chen, who allegedly bet 472 USD Coin on Polymarket. He predicted that the Taiwan People’s Party candidate, Ko Wen-je, would win the presidential election. Additionally, Chen placed a $60 bet that the Democratic Progressive Party would secure more legislative seats.

Taiwan presidential election odds. Source: Polymarket

Legal Consequences and Admission

The investigation revealed that Chen violated Taiwan’s laws on using the internet to gamble on election results. The President and Vice President Election Recall Act strictly prohibits such activities. Chen admitted to his crime and was granted deferred prosecution. Given that he had no prior convictions, he was allowed to defer prosecution for a year and was fined 30,000 yuan (approximately $4,000).

Warnings and Regulatory Challenges

Taiwan has been actively investigating the use of Polymarket for election betting. In 2023, several individuals were summoned for similar allegations. Additionally, authorities have consistently warned citizens against using crypto betting platforms for election results. It has emphasized that violators could face up to six months of imprisonment, detention, or fines exceeding $3,000.

Polymarket is a popular crypto betting platform, known for allowing bets on various topics, from significant matters like Bitcoin exchange-traded funds to trivial events such as Elon Musk’s social media posts. Moreover, in 2022, Polymarket faced regulatory challenges in the U.S. It settled with the Commodity Futures Trading Commission (CFTC) for $1.4 million in fines and had to comply with CFTC regulations.

Despite these challenges, Polymarket continues to attract major investors. On May 14, Ethereum co-founder Vitalik Buterin and Peter Thiel’s venture capital firm, Founders Fund, led a $70 million investment into the platform.

Image from Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

Related posts

Crypto Exchange OKX Sets Sights on Indian Market, Aims to Boost Web3 Potential

Robert Paul

CFTC Commissioner Urges Regulators to Harness Technology for Investor Protection

Kevin Wilson

Bank of Italy’s Piero Cipollone Nominated as Sole Candidate to Lead ECB’s CBDC Initiative

Henry Clarke

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Please enter CoinGecko Free Api Key to get this plugin works.