CFTC probes Polymarket over US access controls and marketing
Polymarket, a New York-based prediction market, is back under the spotlight as US regulators look into whether it broke a 2022 deal that banned Americans from using its offshore platform.
The Commodity Futures Trading Commission, or CFTC, is checking how well Polymarket keeps out US users and how it markets itself in the US.
This all comes just after the firing of its chief marketing officer, Matthew Modabber.
Polymarket settled $1.4 million, bought US exchange
Back in 2022, Polymarket paid $1.4 million to settle charges for running an illegal trading site and agreed to block US traders.
Even though later investigations did not lead to more charges, there were worries during the 2024 elections about people sneaking in with virtual private networks, or VPNs.
Last year, Polymarket bought a regulated US exchange so it could offer limited services to some American users, but now, with this new probe, it is clear that operating in this space is still tricky business.