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Largest DeFi Prediction Market Polymarket Said to Be Under Investigation by CFTC: Report
The report of the probe comes as the company is said to be in talks to raise money at a nearly $1 billion valuation.
Polymarket is being investigated by the Commodity Futures Trading Commission (CFTC) as to whether the prediction market platform is letting customers improperly trade swaps or binary options and if it should be registered with the agency, Bloomberg reported, citing people familiar with the matter.
- The company, which facilitated about 4 billion shares since the start of operations last year, has been in talks regarding a new round of funding that could value the platform at nearly $1 billion, Bloomberg saidhttps://finance.yahoo.com/news/crypto-venue-bets-trump-jlo-135159112.html, citing two people family with the matter.
- New York-based Polymarket has hired the former head of the CFTC’s enforcement division to handle the probe, Bloomberg said, again citing sources.
- Bloomberg said the CFTC declined to comment while Polymarket gave an answer that neither confirmed nor denied the existence of any probe.
- Decentralized finance (DeFi) entrepreneurs have long argued that smart contract interfaces shouldn’t be policed like centralized exchanges.
- Polymarket founder Shayne Coplan declined to comment when reached via Telegram.
Zack Seward contributed reporting.
STORY CONTINUES BELOW
Kevin Reynolds
Kevin Reynolds was the editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
