Taiwan’s regulators just slapped a hard block on Coinbase and Kalshi over shady election betting vibes, with Coinbase fans in the region locked out since October 14 already. 🌸 The whole thing dropped right before those local elections on November 28, the first big ones since President Lai Ching-te stepped in back in 2024. 🖤
Platform Access Gets Cut Before The November Poll 💀
A New Taipei court gave the green light for Taiwan’s comms folks and internet registry to shut down local entry to both sites, according to a report from October 15 that quoted the actual ruling. 👀 Some Coinbase users started hitting access errors as early as October 14. The Criminal Investigations Bureau pushed for the order because they think the platforms might be breaking the Public Officials Election and Recall Act, which bans running gambling for profit on election results. 😈 Their goal was protecting the vote integrity and stopping any overseas meddling, even if extra details stayed quiet.
Coinbase admitted they noticed the Taiwan access hiccups and started digging into it, while Kalshi straight up said they do not let any trading happen from there at all. Authorities skipped accusing either company of moving mainland China cash, tho they have separately flagged worries about Chinese funds sneaking in through underground channels to sway things. 🚫 The government is ramping up checks on shady money moves and underground gambling ahead of the November 28 vote, where locals will pick village chiefs, city councillors and mayors. 📉
Other Spots Turning Up Heat On Prediction Markets 🗳️
Taiwan is one of those places that straight up criminalizes election wagers, with a 2023 tweak to the Election Act that can hit bettors with up to six months behind bars while operators risk as long as five years. Polymarket has already faced the same block there too. 🔥 South Korean police opened cases against 26 Polymarket users and sent 18 to prosecutors over around $12.7 million in bets, tracing them via public blockchain data despite the non-custodial setup. Kalshi ran into its own drama in the States, suspending three political candidates back in April for trading on their own campaigns. 😱 New York filed a suit in July claiming illegal gambling without a license, and Baltimore followed with complaints in August over sport contracts. 👀 Overall this feels like a dark wave hitting prediction markets everywhere rn.
Just another echo from the void by iconofsin.eth 💖
