Largest DeFi Prediction Market Polymarket Said to Be Under Investigation by CFTC: Report

Polymarket is being investigated by the Commodity Futures Trading Commission (CFTC) to see whether the prediction market platform is letting customers improperly trade swaps or binary options and if it should be registered with the agency, Bloomberg reported, citing people familiar with the matter. The company, which facilitated about 4 billion shares since the start […]

Don't got time to read? Listen it & multi task

Polymarket is being investigated by the Commodity Futures Trading Commission (CFTC) to see whether the prediction market platform is letting customers improperly trade swaps or binary options and if it should be registered with the agency, Bloomberg reported, citing people familiar with the matter.

  • The company, which facilitated about 4 billion shares since the start of operations last year, has been in talks regarding a new round of funding that could value the platform at nearly $1 billion, Bloomberg said, citing two people family with the matter.
  • New York-based Polymarket has hired the former head of the CFTC’s enforcement division to handle the probe, Bloomberg said, again citing sources.
  • Bloomberg said the CFTC declined to comment while Polymarket gave an answer that neither confirmed nor denied the existence of any probe.
  • Decentralized finance (DeFi) entrepreneurs have long argued that smart contract interfaces shouldn’t be policed like centralized exchanges.
  • Polymarket founder Shayne Coplan declined to comment when reached via Telegram.

Zack Seward contributed reporting.

Read more: Why Crypto Whales Love This Prediction Market

Latest articles by Glenn Nasta

tub
UTB Bot Unveils a New Way to Leverage Automation and Cryptocurrencies
hyrotrade
HyroTrade Cryptocurrency Trading Platform Review and Experience
Voltreum
Voltreum Announces a P2P Blockchain-Based Strategy to Trade Energy
hyrotrade review, trading offers thumbnail
Margin Trading, Copy Trading, Competitions: What Else Does Hyrotrade Offer?
Translate »