Crypto-based betting application Polymarket is said to be facing an ongoing probe by the US Commodity Futures Trading Commission (CFTC), the country’s derivatives and futures markets regulator.
A Bloomberg report states the CFTC has launched an investigation on the firm for allegedly breaking the regulatory financial laws of the US. Additionally, Polymarket is also under scrutiny for unlawfully letting customers trade swaps.
Polymarket’s spokesperson has issued a confirmation that the firm will commit to complying with the laws prescribed by the CFTC and will assist the regulator in solving all their queries and related inquiries. The Commodities Futures and Trading Commission has however declined to comment on the concerned topic.
The factor of social value
Polymarket founder Shaun Coplan has asserted that it’s not only offering bettors to make good money, but it’s also providing “accurate forecasts of events via price discovery. ” Coplan has also stated that this type of
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