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Coinbase is under scrutiny from the CFTC following a subpoena related to its association with Polymarket, a crypto prediction market platform. The CFTC is investigating Polymarket's operations, likening them to gambling, amid a broader crackdown on decentralized betting platforms. This comes as regulatory tensions rise in the crypto sector, with significant changes anticipated under the incoming Trump administration, which has shown strong support for cryptocurrency.
Coinbase has received a subpoena from the US Commodity Futures Trading Commission (CFTC) regarding its involvement with the decentralized prediction market Polymarket, requiring compliance by January 15 unless legally challenged. The notice to users indicated that general account information would be shared with the CFTC, but no action is needed from users. Polymarket has faced scrutiny from global regulators and has been geo-blocking US users since 2022 following a settlement with the CFTC.
Polymarket is under scrutiny for its controversial wildfire betting markets, which have drawn criticism for profiting from human suffering amid ongoing wildfires in California. The US Commodity Futures Trading Commission (CFTC) has subpoenaed Coinbase for user data linked to Polymarket, marking a shift in regulatory approach towards the crypto industry. This follows a previous settlement with the CFTC over unregulated binary options, raising concerns about the platform's compliance with US regulations.
Coinbase has received a subpoena from the Commodity Futures Trading Commission (CFTC) regarding the prediction market platform Polymarket, seeking general customer information. Users are not required to take action, but Coinbase may need to share account data unless legally prevented by January 15, 2025. This development follows concerns about Polymarket's operations, particularly after an FBI raid on its CEO and investigations by global regulators into compliance with gambling laws.
Polymarket, a crypto-based prediction platform, gained prominence in 2024 by accurately forecasting key political events, including the U.S. presidential election. Despite facing regulatory scrutiny and an FBI raid, CEO Shayne Coplan remains optimistic about the platform's future, especially with a pro-crypto administration incoming. The platform's success highlights its potential as a valuable alternative to traditional polling methods.
FBI agents raided the New York home of Polymarket CEO Shayne Coplan, seizing his phone and electronics amid a DOJ investigation into the site for allegedly allowing U.S. users to bet on elections. The raid followed Polymarket's controversial predictions favoring Donald Trump over Kamala Harris, diverging from polls. The company claims the action is politically motivated, while Coplan has not been arrested.
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