US Prosecutors Close Probe Into Polymarket Betting Website

U.S. prosecutors and the Commodity Futures Trading Commission (CFTC) have officially closed their investigations into Polymarket, the decentralized, blockchain-powered prediction market platform where users bet with real cryptocurrency on the outcomes of future events. "The DOJ was investigating Polymarket last year, reportedly for allowing U.S. users to place bets on the site despite Polymarket being required to block U.S. traders," reports CoinDesk. The FBI raided Polymarket CEO Shayne Coplan's Manhattan apartment last November, seizing his phone and electronic devices. A source close to the matter told The New York Post it was politically motivated due to Polymarket's successful prediction of Trump's election win. It's "grand political theater at its worst," the source said. "They could have asked his lawyer for any of these things. Instead, they staged a so-called raid so they can leak it to the media and use it for obvious political reasons."

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