Polymarket investigated by DOJ for allegedly letting U.S. users bet on platform

Thursday, November 14, 2024 8:57 PM
  • Myles Miller and Lydia Beyoud, Bloomberg News

The US Justice Department is investigating crypto predictions-betting platform Polymarket for allegedly accepting trades from US-based users, according to a person familiar with the matter.

The Federal Bureau of Investigation executed a search warrant on Shayne Coplan, Polymarket’s chief executive officer, and seized his phone and electronics, according to the person who asked for anonymity to discuss non-public matters.

Under an agreement with the Commodity Futures Trading Commission reached in 2022, Polymarket is to prevent US-based traders from making transactions on the platform.

Polymarket surged in popularity in the lead up to the Nov. 5 US presidential elections, touting itself as a more accurate predictor of political outcomes than traditional polling.