Polymarket is under investigation for allegedly allowing users in the US to place bets. The CEO of Polymarket had electronic devices seized.
Polymarket is being investigated by the US Department of Justice for allegedly allowing users in the US to place bets on the platform. The FBI issued a search warrant for Polymarket CEO Shayne Coplan and seized his phone and electronic devices.
According to an agreement reached in 2022 with the Commodity Futures Trading Commission, Polymarket was required to prohibit US users from trading on its platform.
In a statement, Polymarket said the company is ready to "defend itself and its community" and accused the FBI of conducting a politically motivated search. The company stated: "Polymarket is a fully transparent prediction market that helps people better understand the events most important to them, including elections."