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Polymarket is an American cryptocurrency-based prediction market, headquartered in Manhattan, New York City. Launched in 2020, it offers a platform where investors can place bets on various future events, including economic indicators , weather patterns, awards, as well as political and legislative outcomes.
Despite Kalshi driving the momentous decision, the spotlight will be on Polymarket, which settles and pays out wagers using Ethereum-based smart contracts and has raised $70 million in venture ...
The investigation, at least in part, involves whether Polymarket violated a prior settlement with the U.S. government by allowing American-based users access to its platform.
Bettors on Polymarket have wagered $1.1 billion on the presidential race. Polymarket, based in New York, did not respond to a request for comment on Monday regarding the increased size of the ...
To briefly recap, Polymarket was kicked out of the U.S. in 2022 for letting U.S. users bet on political prediction markets, which, at the time, was against the law.
Yet Polymarket is not available to American users and was fined by the CFTC in 2022 for “offering off-exchange event-based binary options contracts.”
Since Coplan, 26, founded the crypto-based prediction market platform, Polymarket has raised $70 million, and in September reportedly sought to raise an additional $50 million among the election ...
The Department of Justice is reportedly investigating Polymarket for allegedly allowing U.S.-based users to bet on the site. Polymarket declined to comment on those allegations but a spokesperson ...