• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

US DOJ Investigates Polymarket Over Potential Legal Violations

user avatar

by Giorgi Kostiuk

a year ago


The US Department of Justice has initiated an investigation into Polymarket, a cryptocurrency-based prediction market platform, for alleged US law violations.

Background of the Investigation

Polymarket is a platform that allows users to bet on the outcomes of real-world events, including elections. In 2022, the company settled with the Commodity Futures Trading Commission (CFTC) by paying a $1.4 million fine for alleged legal violations. However, new information suggests that US-based users may still be accessing the platform, prompting the DOJ's current investigation.

Reaction to the FBI Raid

Tensions between Polymarket and the US government escalated following an FBI raid at the home of Polymarket CEO Shayne Coplan in Manhattan. During the raid, agents reportedly seized Coplan’s phone and other electronic devices. This incident occurred shortly after Polymarket's prediction market correctly forecasted Donald Trump’s victory in the 2024 presidential election, raising suspicions of political motivations behind the investigation.

Polymarket's Response and Next Steps

Polymarket criticized the DOJ's actions as politically motivated. Shayne Coplan stated the platform is not involved in political rivalry but aims to provide an open and transparent prediction market. It was also noted that Polymarket does not charge fees or take positions on its platform. A spokesperson emphasized that the platform allows global users to analyze market data freely, without the intent to sway public opinion.

Polymarket is a fully transparent market, with no fees charged and no positions taken, allowing global users to analyze market data freely.None

The outcome of the DOJ's investigation and its implications for Polymarket could significantly impact the platform's future and the broader cryptocurrency community.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Michael Saylor Defends Bitcoin Treasury Companies

chest

Michael Saylor defends the importance of Bitcoin in corporate finance and credit markets during a public discussion, emphasizing its long-term significance over short-term price fluctuations.

user avatarMaria Fernandez

Human API Launches to Connect AI Systems with Human Contributors

chest

Sydney Huang announces the launch of Human API, a platform designed to enable AI systems to coordinate with humans for real-world data and labor.

user avatarGustavo Mendoza

Digital Asset Ventures Launches DAV Mining in Milwaukee

chest

Digital Asset Ventures LLC has launched DAV Mining, a new mining service division in Milwaukee, aimed at providing structured, enterprise-grade digital asset mining services.

user avatarRajesh Kumar

Concerns Over Central Bank Digital Currencies Resurface

chest

A group of economists has urged EU lawmakers to reconsider aspects of the digital euro, citing risks related to privacy and financial stability.

user avatarMiguel Rodriguez

Upcoming Token Unlocks Create Supply Pressure in Crypto Market

chest

The Ondo crypto price is facing supply pressure due to a major token unlock scheduled for January 18, while Shiba Inu coin struggles with high exchange reserves.

user avatarLuis Flores

Terra Industries Raises $1.175 Billion to Revolutionize African Defense Technology

chest

Terra Industries has raised $1.175 billion to develop security systems in Africa, marking a significant milestone for the continent's defense technology sector.

user avatarArif Mukhtar

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.