Summary:

The U.S. Department of Justice and the Commodity Futures Trading Commission (CFTC) have ceased their investigations into Polymarket. The platform was previously scrutinized for allowing U.S. users to partake in betting, despite earlier agreements to restrict such activities.

Key Points:

• The investigations were concluded, providing relief for Polymarket, which had faced inquiries about compliance.
• Reports confirm that last year, at least two U.S.-based users were able to place bets, contradicting the firm’s assertions that they prevented U.S. residents from using the service.

Polymarket Founder and CEO Shayne Coplan at CoinDesk’s Consensus 2024.

“An FBI raid of Polymarket founder Shayne Coplan’s home was an obvious political retribution.”
(Translation: An FBI raid of Polymarket founder Shayne Coplan’s home was perceived as retaliation.)

The DOJ and CFTC have both opted not to comment further on the closure of their investigations.

Background:

Polymarket was previously required to restrict U.S. users due to regulatory oversight. However, changing political landscapes during Donald Trump’s administration have seen an easing of scrutiny over crypto firms, including the dismissal of multiple investigations across the sector.