Polymarket exec says KYC limited to beta product, not existing platform

Polymarket’s vice president of engineering, Josh Stevens, clarified that the prediction market platform is not adding mandatory Know Your Customer (KYC) checks to its existing service, after a report said the company had considered user verification requirements.

Stevens said in an X response that Polymarket is launching a new beta product for a select group of users and that KYC is required only to access the beta during its early test period. “No KYC is being added to any part of existing polymarket.com with this launch,” Stevens wrote. He said that once the product is out of beta, no KYC will be required to use it. 

He later addressed questions about whether KYC could be added later, saying “no” and clarifying that he was “just highlighting” that identity checks are tied to early access for a new beta product rather than a broader move away from pseudonymous trading on Polymarket’s main prediction market.

The clarification followed a report from The Information that said Polymarket had considered mandatory user verification requirements amid growing pressure from regulators.

Cointelegraph reached out to Polymarket and Josh Stevens for more information but had not received a response by publication. 

Source: Josh Stevens

Polymarket restrictions grow amid regulatory scrutiny

Polymarket’s clarification comes as the platform faces widening access restrictions across several jurisdictions.

As of Thursday, Polymarket listed dozens of restricted jurisdictions, including countries where users are blocked from placing orders and others where access is limited to closing existing positions.

Related: Monthly prediction market volume hits $25.7B as user activity shifts beyond one-off events

In April, Brazil moved to block 27 prediction market platforms, including Polymarket and Kalshi, after authorities said the services operated outside the country’s legal framework. 

In May, Spain’s gambling regulator also blocked local users from Polymarket and Kalshi as a “precautionary measure” while authorities pursued legal proceedings over alleged unlicensed gambling activity.

Despite the restrictions, Polymarket has continued to pursue expansion in major markets. In April, the company was reportedly in talks with the US Commodity Futures Trading Commission over a broader US relaunch, and in May, it was reportedly seeking entry into Japan despite the country’s strict gambling laws.

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