The investigation into the Polymarket platform, which allows users to place bets on various events, has concluded. This is reported by Bloomberg.
Investigation Conclusion
According to Bloomberg, the platform was notified about the end of the investigations by both the U.S. Department of Justice and the Commodity Futures Trading Commission (CFTC).
Context and Background
Polymarket enables users to bet on predictions relating to elections, sporting events, and weather. The company previously came under scrutiny for allegedly allowing users to bypass restrictions via VPN. In 2022, Polymarket settled with the CFTC over unregistered binary options, agreeing to pay a $1.4 million fine and restrict access for U.S. users.
Future of Polymarket
Despite regulatory scrutiny, Polymarket continues to grow. In June 2023, the platform reached $1.16 billion in trading volume. The platform plans to close a $200 million funding round that would value the company at $1 billion.
The conclusion of the investigations may open new horizons for Polymarket, which continues to grow and evolve under regulatory limitations.
