PolyMarket Fined by CFTC, Phasing Out Existing Markets

[DontTailMe]

Damn. I made some good money at this site. But it was always just a matter of time before something like this happened. They tried to be PredictIt but without the government exception.

CFTC Fines Crypto Betting Service Polymarket $1.4M for Unregistered Swaps

Polymarket’s betting pools constituted binary options, according to the CFTC.

www.coindesk.com

CFTC Fines Crypto Betting Service Polymarket $1.4M for Unregistered Swaps

The Commodity Futures Trading Commission (CFTC) fined crypto predictions service Polymarket $1.4 million and ordered it to shut down its markets and offer users full refunds on charges the company failed to register with the regulator.

Polymarket cooperated with the investigation, according the CFTC’s press release, leading to a reduced fine. The company will stop offering markets by Jan. 14 and commit to making all funds available to users by Jan. 24, according to the order. Polymarket will also cease and desist any further violations of the CEA, though it doesn’t appear the company itself will be shut down.

https://twitter.com/i/web/status/1478132679510048773

 

[Bubbles]

How much is the fine?

 

[DontTailMe]

How much is the fine?

$1.4 million.

But today there are dozens of new markets posted, so I have no idea what's going on. I guess they found a way to stay in business and somehow be compliant with the CFTC?

 

[DontTailMe]

Okay, now I see that I cannot be on these new markets at PolyMarket.com:

Trading is not available to people or companies who are residents of, or are located, incorporated or have a registered agent in, the United States or a restricted territory. See our Terms of Use.

For U.S. persons, see polymarket.us.

They have another site - PolyMarket.us - for U.S. players and it has far fewer markets.