Polymarket Denies Rumors That KYC Will Become Mandatory for All Users
Verification will only be introduced for a new beta product available to a limited group of users, while the main platform remains unchanged.
Polymarket Vice President of Engineering Josh Stevens denied rumors that surfaced on May 27 claiming the platform was preparing to introduce mandatory identity verification.
“That’s false,” he said.
According to Stevens, Polymarket is launching a new beta product for a limited group of users, where verification is required only for access during the early testing phase. Once the testing period ends, users will not need to complete KYC to use the product.
At the same time, limited verification on Polymarket has existed for a long time. Users who complete KYC or KYB receive direct access to the platform’s backend systems with lower-latency order execution.
The report published by The Information came amid growing regulatory pressure on the prediction markets sector, so the possibility of KYC requirements being introduced in the future cannot be completely ruled out. However, Polymarket’s current official position is that it has no plans to make verification mandatory for all users.