The U.S. Justice Department is investigating Polymarket for reportedly allowing U.S.-based users to trade on its crypto predictions-betting platform. Polymarket agreed with the Commodity Futures Trading Commission in 2022 to block U.S.-based traders from using its platform. The FBI executed a search warrant on CEO Shayne Coplan, seizing his phone and electronics. Polymarket rose in popularity ahead of the November 5th U.S. presidential elections, positioning itself as a more accurate predictor than traditional polls and allowing users to place unlimited wagers. The recent surge in Trump-favoring trades sparked accusations of potential market manipulation.
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00:00It's Benzinga, bringing Wall Street to Main Street.
00:02The U.S. Justice Department is investigating PolyMarket for reportedly allowing U.S.-based
00:06users to trade on its CryptoPredictions betting platform.
00:10PolyMarket reached an agreement with the Commodity Futures Trading Commission
00:14in 2022 to block U.S.-based traders from using its platform.
00:19The FBI executed a search warrant on CEO Shane Copland, seizing his phone and electronics.
00:25PolyMarket rose in popularity ahead of the November 5th U.S. presidential elections,
00:29positioning itself as a more accurate predictor than traditional polls
00:33and allowing users to place unlimited wagers.
00:36The recent surge in Trump-favoring trades sparked accusations of potential market manipulation.