Crypto predictions platform Polymarket fined $1.4M by CTFC
“All derivatives markets must operate within the bounds of the law regardless of the technology used,” said Acting Director of Enforcement Vincent McGonagle. New York-based crypto predictions platform Polymarket has reached a settlement with the Commodity Futures Trading Commission (CFTC) to pay a fine of $1.4 million. Polymarket is a decentralized platform that enables users to bet on the outcomes of event markets such as pro-sports games and political elections via binary options contracts. On Jan. 3, the CFTC announced that it had entered an order filing and simultaneously settling....
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Amid the election excitement, decentralized predictions site Polymarket has become the fourth-highest blockchain project by fees generated.
Polymarket is believed to have hired CTFC enforcement head James McDonald to handle the probe. New York-based decentralized prediction market Polymarket has come under investigations from the United States Commodity Futures Trading Commission (CFTC).According to an Oct. 23 report from Bloomberg citing anonymous sources, the CFTC is investigating whether Polymarket is allowing its customers to trade binary options and swaps that should be registered with the financial regulator. The CFTC is yet to confirm whether it is investigating Polymarket.A spokesperson for the platform stated:....
The online prediction marketplace, Polymarket, where users can bet with crypto, saw $1.1B in Superbowl bets yesterday. One person took home a tidy profit of $550K while another lost $718K. Polymarket demonstrates that crypto is trickling down to the masses who can use it for anything, including betting on their favorite football team. That’s why […]
The decentralized information marketplace, currently in beta, said the investment will help it improve the user experience.
Emerging Ethereum-powered predictions platform Polymarket produced six-figure volume amid the first presidential debates. The first debate of the 2020 U.S. presidential election had no clear winner, but crypto-powered prediction platforms are having a field day. Election futures on crypto derivatives exchange FTX boomed, with the platform’s CEO reporting more than $4 million in open interest trying to pick the winner between Democrat Joe Biden, and Republican Donald Trump. On FTX, Trump’s brash debate performance got a big thumbs down and drove a 10% crash in the price of futures contracts....