Polymarket, a self-described “decentralized information markets platform”, is facing a probe from the Commodity Futures Trading Commission (CFTC) for possibly falling foul of U.S. trading regulations, per Bloomberg.
“Polymarket is firmly committed to complying with applicable laws and regulations and to providing information to regulators that will assist them with any inquiry,” a Polymarket spokesperson said. The CTFC reportedly declined to comment.
Decrypt has also reached out to the CTFC and we will update this article should we receive a response.
What does Polymarket do?
At the time of writing, the Polymarket website offers a plethora of wagers—or “markets”—giving users the chance to bet on simple yes or no outcomes.
Examples include whether or not the floor price of CryptoPunks will be above 100 ETH by November 1, 2021, and whether or not the FDA will approve any COVID-19 vaccination for children under 12 by the same date.
Polymarket is also offering a
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