US DOJ and CFTC Conclude Investigations into Polymarket
The United States Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC) have officially closed their investigations into Polymarket, an online betting platform. This decision marks a pivotal regulatory achievement for Polymarket as it advances toward a $200 million funding round. The probes primarily examined whether the platform engaged with US-based users, a concern that gained prominence during the 2024 US elections.
Investigative Background
A Bloomberg report revealed that the investigations sought to assess Polymarket’s compliance with US regulations. The inquiry gained momentum post the 2024 US elections. Earlier, in 2022, Polymarket agreed to a $1.4 million settlement with the CFTC. In a related development, the Federal Bureau of Investigation (FBI) conducted a raid on the residence of Polymarket’s CEO, Shayne Coplan, in November 2024, seizing electronic devices.
Latest Developments
As of now, Polymarket and Shayne Coplan have not issued any public statements regarding the conclusion of the investigations. Cointelegraph attempted to obtain comments from a Polymarket spokesperson but did not receive a response by the publication deadline. Updates will follow as more information emerges.
Essential Highlights
- The DOJ and CFTC have finalized their investigations into Polymarket.
- Polymarket is on the verge of securing a $200 million funding round.
- A previous settlement with the CFTC in 2022 amounted to $1.4 million.
- The FBI’s November 2024 raid targeted the home of Polymarket CEO Shayne Coplan.
- Neither Polymarket nor Coplan has publicly addressed the recent closure of investigations.
