Friday, April 19, 2024

After a CFTC fine, Polymarket launches new information markets, but not for US traders.

Polymarket platform that offers decentralized predictions has launched some information markets. This launching comes three weeks after it was fined a penalty of $1.4 million by the US regulator. Traders based in the US can view information posted on these markets but cannot trade here. The company said it is trying to first understand and comply with the local regulatory process before operating in the US.

Polymarket News

The company launched Airdrop Futures market early this month. Speculators here can follow the news of airdrop likelihood and trade in these projects. This market is also not available to US traders. The CFTC, on January 3, had fined the company $1.4 million. The trading commission asked it to close the markets and refund the full amount to the users. CFTC had started investigating it in October, according to a Bloomberg report. At the time this probe started, the company was planning to raise funds at a valuation of $1 billion.

Prediction Market to Continue Working Elsewhere

The US traders will be kept out of Polymarket bets, but the system will be available for the traders located elsewhere. Its prediction market had been launched in stealth during June 2020. CFTC filed suit against Polymarket, calling this market a binary options market based on events. The suit was settled for a $1.4 million penalty, including the agreement to comply with the terms of the order. This order asked the company to certify all such product offerings that had been stopped by January 24.

Autumn Communications issued a message on behalf of this company and informed that Polymarket will block US users while it tries to comply with the ruling. Trading on Polymarket.com will be available for non-US residents.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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