US Authorities Conclude Polymarket Investigation

The United States Department of Justice and the Commodity Futures Trading Commission (CFTC) have concluded their investigations into the online betting platform Polymarket. The investigations, which spanned several months, were focused on determining whether the platform was accepting trades from users based in the United States.

The scrutiny intensified following the 2024 US elections, during which a significant number of Polymarket users were placing bets on the outcomes of various races. The heightened attention from authorities led to a more thorough examination of the platform's operations and compliance with regulatory standards.

In 2022, Polymarket reached a settlement with the CFTC amounting to $1.4 million. This settlement was part of the ongoing efforts to address regulatory concerns and ensure compliance with relevant laws and regulations.

In November 2024, the Federal Bureau of Investigation (FBI) conducted a raid on the home of Polymarket CEO Shayne Coplan. During this raid, the FBI confiscated Coplan's electronic devices, further escalating the scrutiny on the platform and its operations.

A source familiar with the matter confirmed the closure of the investigation. However, neither Coplan nor Polymarket had made any public statements regarding the report at the time of publication.

This development marks a significant milestone for Polymarket, as it navigates the complex regulatory landscape surrounding online betting and prediction markets. The closure of the investigation suggests that the platform has taken steps to address the concerns raised by authorities and ensure compliance with relevant regulations.