US federal investigators closed parallel criminal and civil probes into prediction market Polymarket, issuing letters earlier this month that ended inquiries by both the Justice Department and the Commodity Futures Trading Commission (CFTC), as Bloomberg News reported.
The platform enables traders to bet on yes-or-no outcomes using stablecoins on Polygon and has faced scrutiny since a January 2022 CFTC settlement required it to exclude US customers.
Investigators later examined whether American users continued to wager through virtual private networks.
Polymarket processed roughly $2.6 billion in volume during November’s US election season, drawing law‑enforcement attention as trading spiked.
Regulatory reset
Agents escalated the matter eight days after the November vote, raiding CEO Shayne Coplan’s SoHo apartment and seizing his phone.
Coplan denounced the search as an overreach tied to the outgoing Biden team’s stance on digital asset companies.
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