- Oct 19, 2021
Damn. I made some good money at this site. But it was always just a matter of time before something like this happened. They tried to be PredictIt but without the government exception.
Polymarket’s betting pools constituted binary options, according to the CFTC.
CFTC Fines Crypto Betting Service Polymarket $1.4M for Unregistered Swaps
The Commodity Futures Trading Commission (CFTC) fined crypto predictions service Polymarket $1.4 million and ordered it to shut down its markets and offer users full refunds on charges the company failed to register with the regulator.
Polymarket cooperated with the investigation, according the CFTC’s press release, leading to a reduced fine. The company will stop offering markets by Jan. 14 and commit to making all funds available to users by Jan. 24, according to the order. Polymarket will also cease and desist any further violations of the CEA, though it doesn’t appear the company itself will be shut down.