US Justice Department and CFTC Close Polymarket Investigations
US Regulators Shut Down Investigations Into Polymarket
The United States Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC) have shut down their investigations into Polymarket, a blockchain-based prediction market online. The investigations were regarding whether the website allowed trades from U.S.-based traders, which would violate regulatory laws.
Greater Supervision After 2024 Elections
Polymarket had been under the limelight during the 2024 U.S. elections when users wagered on political outcomes. Bloomberg writes that this drew increased regulatory attention, with closer scrutiny of the platform’s compliance. In a coordinated effort last November, FBI agents raided the home of Polymarket CEO Shayne Coplan, seizing electronic equipment as part of the probe.
Regulatory Clarity Ahead of Key Funding Round
The closure of the investigations is a regulatory milestone for Polymarket, which reached a $1.4 million settlement with the CFTC in 2022. With the DOJ and CFTC reportedly standing down, Polymarket will move forward with a $200 million funding round, according to reports.
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US Justice Department and CFTC Close Polymarket Investigations
US Regulators Shut Down Investigations Into Polymarket
The United States Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC) have shut down their investigations into Polymarket, a blockchain-based prediction market online. The investigations were regarding whether the website allowed trades from U.S.-based traders, which would violate regulatory laws.
Greater Supervision After 2024 Elections
Polymarket had been under the limelight during the 2024 U.S. elections when users wagered on political outcomes. Bloomberg writes that this drew increased regulatory attention, with closer scrutiny of the platform’s compliance. In a coordinated effort last November, FBI agents raided the home of Polymarket CEO Shayne Coplan, seizing electronic equipment as part of the probe.
Regulatory Clarity Ahead of Key Funding Round
The closure of the investigations is a regulatory milestone for Polymarket, which reached a $1.4 million settlement with the CFTC in 2022. With the DOJ and CFTC reportedly standing down, Polymarket will move forward with a $200 million funding round, according to reports.
Read More
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