June 18, 2024 3 min read


Fact-checked by Velimir Velichkov

Gambler Charged for Betting on Taiwan Election via Crypto Site

A Taiwanese man has been charged for allegedly using the Polymarket betting platform to wager on the 2024 elections

A man in Taiwan has been accused of allegedly using a crypto betting site to wager on this year’s elections

According to prosecutors from the Shilin District Prosecutor’s Office, a man with the surname “Chen” used the Polymarket platform to wager on the result of the elections that ended on June 13

The same Prosecutor’s Office reported that the man wagered around 472 USD Coin on Taiwan People’s Party’s candidate Ko Wen-je winning the presidential elections

Chen also seemingly wagered 60 USD on Taiwan’s Democratic Progressive Party winning more legislative seats.

The investigation revealed that the bettor had violated the President and Vice President Election Recall Act regarding the use of web platforms to gamble on election results, an action which is forbidden in the country.  

Chen Pleaded Guilty and Was Granted Deferred Prosecution

Chen admitted to committing the crime he was accused of and was granted deferred prosecution

Given that he did not have any previous convictions on record, the man was allowed to defer prosecution for a year and received a fine of 30,000 yuan ($4,000).

Authorities in Taiwan have warned Polymarket users not to place bets on the elections, as this activity violates the current law in Taiwan. 

According to local reports, people who cross the line and choose to wager on elections risk being slapped with six months in prison, detention, or fines of over $3,000.

Last year, several citizens were included in an investigation concerning their alleged involvement in crypto betting on the result of elections.

At the start of 2024, several people across the country were placed under investigation for allegedly wagering illegally on the January 13 presidential and legislative elections.

Prosecutors raided five locations in New Taipei, seizing approximately NT$16.13 million ($519,117) in cash, according to data from the New Taipei District Prosecutors Office.

Polymarket Faced Regulatory Hurdles in 2022

The popular crypto betting platform that is preferred by a large number of gamblers for the versatile selection of available place bets on both serious matters and more frivolous things faced a series of legislation challenges in the US in 2022

Then, the betting platform was fined $1.4 million by the Commodity Futures Trading Commission (CFTC) and asked to wind back those markets that were not obeying the CFTC’s and the Commodity Exchange Act’s regulations.

The problems did not put an end to the platform’s activity. On the contrary, Polymarket kept growing and attracting the attention of big investors. 

On May 14, Ethereum’s co-founder, Vitalik Buterin, and Founders Fund, which is Peter Thiel’s venture capital firm, injected $70 million into the platform as an investment.

After finishing her master's in publishing and writing, Melanie began her career as an online editor for a large gaming blog and has now transitioned over towards the iGaming industry. She helps to ensure that our news pieces are written to the highest standard possible under the guidance of senior management.

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