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Polymarket CEO's Home Is Raided By FBI
Federal law enforcement officials raided the home of Polymarket CEO Shayne Coplan on Wednesday.
The prediction market was a breakout success in the U.S. presidential election, a platform where billions of dollars worth of bets were placed on the outcome. Polymarket traders viewed Donald Trump as the likely winner, as indeed he was.
The raid was confirmed by a Polymarket spokesperson. The New York Post and Axios reported the news earlier.
"This is obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election," the spokesperson said in a statement. "Polymarket is a fully transparent prediction market that helps everyday people better understand the events that matter most to them, including elections."
Polymarket is supposed to block U.S. persons from accessing its services, after coming to a settlement with the U.S. Commodity Futures Trading Commission in 2022.
A CFTC spokesperson told CoinDesk that, "Polymarket is required to adhere to the terms of the settlement they reached with the CFTC. Full stop. That means they cannot accept any business from people living in the United States or US persons as we write in the order. It’s pretty clear. It is incumbent on the company to comply with the law."
Despite this ban, Americans can trade on the platform though virtual private networks, or VPNs, which can be used to circumvent that prohibition. CoinDesk confirmed at least two Americans were able to place trades ahead of the 2024 election from locations in the U.S.
new phone, who dis?
— Shayne Coplan (@shayne_coplan) November 13, 2024
UPDATE (Nov. 13, 2024, 21:27 UTC): Adds statement from Polymarket.
UPDATE (Nov. 13, 21:35 UTC): Adds additional information.
The prediction market was a breakout success in the U.S. presidential election, a platform where billions of dollars worth of bets were placed on the outcome. Polymarket traders viewed Donald Trump as the likely winner, as indeed he was.
The raid was confirmed by a Polymarket spokesperson. The New York Post and Axios reported the news earlier.
"This is obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election," the spokesperson said in a statement. "Polymarket is a fully transparent prediction market that helps everyday people better understand the events that matter most to them, including elections."
Polymarket is supposed to block U.S. persons from accessing its services, after coming to a settlement with the U.S. Commodity Futures Trading Commission in 2022.
A CFTC spokesperson told CoinDesk that, "Polymarket is required to adhere to the terms of the settlement they reached with the CFTC. Full stop. That means they cannot accept any business from people living in the United States or US persons as we write in the order. It’s pretty clear. It is incumbent on the company to comply with the law."
Despite this ban, Americans can trade on the platform though virtual private networks, or VPNs, which can be used to circumvent that prohibition. CoinDesk confirmed at least two Americans were able to place trades ahead of the 2024 election from locations in the U.S.
new phone, who dis?
— Shayne Coplan (@shayne_coplan) November 13, 2024
UPDATE (Nov. 13, 2024, 21:27 UTC): Adds statement from Polymarket.
UPDATE (Nov. 13, 21:35 UTC): Adds additional information.
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