Polymarket Denies Full Rollout of KYC, Requiring Verification Only for Some Users on Beta Products

TechFlow News, May 28: Josh Stevens, Vice President of Engineering at prediction market platform Polymarket, responded to a report by The Information claiming that “Polymarket plans to require users to complete KYC due to compliance pressures,” stating: “That report is false. Polymarket is launching a new beta product, available exclusively to a select group of users, and KYC is required only during the beta testing period. Polymarket emphasizes that this launch will not introduce any new KYC requirements to any part of the existing polymarket.com; once the beta testing concludes, users will no longer need to undergo KYC to use this product.”

Earlier, according to The Information, Polymarket is facing escalating regulatory and sanctions compliance pressures and is urging traders to undergo identity verification (KYC) to mitigate potential legal and compliance risks.