Polymarket, a crypto-based prediction platform, is no longer under investigation by US regulators, the Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC).
The two agencies have officially dropped their inquiries without filing any charges.
Polymarket’s CEO, Shayne Coplan, confirmed in a July 15 post on X following a report by Bloomberg, which cited a source familiar with the matter. He reflected on events following the 2024 US elections, when Polymarket had drawn attention for accurately predicting the results.
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Coplan stated:
Eight days later, the FBI broke down my door at 6 AM and took all my computers and phones, looking for anything that could imply foul play.
He added that the process was difficult, but he was relieved that it was over. Coplan also stated that they had cooperated fully and were now cleared.
Polymarket had already faced regulatory pressure in the past. In 2022, the CFTC fined the company $1.4 million for failing to register its services. At the time, Polymarket agreed to close some of its markets and follow the agency’s rules more closely.
Polymarket operates using blockchain technology built on Polygon
Recently, Wemade CEO Jang Hyun-guk was cleared of all charges related to allegations of manipulating the WEMIX
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