• 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

Morgan Stanley Expands Bitcoin Offerings

chest

Morgan Stanley announces plans to enhance its Bitcoin and cryptocurrency services, moving towards native custody and an internal exchange platform.

user avatarRajesh Kumar

Binance Expands Product Suite with Gold Futures Trading

chest

Binance has introduced gold futures trading, allowing users 24/7 access to price exposure on gold.

user avatarLucas Weissmann

Citi Plans to Integrate Bitcoin into Traditional Finance

chest

Citi announces plans to introduce infrastructure for Bitcoin integration into traditional finance by 2026.

user avatarTomas Novak

BNB Shows Resilience Despite Market Fluctuations

chest

BNB shows technical resilience despite recent market volatility, maintaining a strong position above its 200-week moving average.

user avatarFilippo Romano

Hyperliquid Announces HIP6 Upgrade for Token Launches

chest

Hyperliquid HYPE is preparing a significant upgrade known as HIP6, which will introduce a framework for permissionless, onchain token launches.

user avatarEmily Carter

Ethereum Faces Volatility Around $2,000 Mark

chest

Ethereum is experiencing heightened volatility as it hovers around the critical $2,000 threshold, with limited conviction in price stabilization.

user avatarMaya Lundqvist

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.