CFTC Fines Crypto Prediction Platform $1.4M

New York-based crypto forecasting platform Polymarket has been fined $1.4 million for unlawful trading as part of an investigation by the US Commodity Futures Trading Commission (CFTC).

As a result of the investigation carried out CFTC, January 3, 2020 with the announcement published on its official website on sports games and political elections over betting with binary options contracts decentralized platform of Polymarket, June 2020 since illegal from trading $1.4 million decided to pay a fine.

Binary options market contracts under its jurisdictionswap” category and the platforms that offer this service.n CFTC and Commodity Exchange Act (CEA) Stating that it should comply with the regulations, the CFTC also decided to close the market categories in Polymarket that do not comply with these regulations.

CTFC administratori Vincent McGonagle in the announcement;

We invite all derivatives platforms to work within the law, regardless of the technology they use, including decentralized finance (DeFi) in particular.

made statements. In addition, within the scope of the investigation, Polymarket’s “partnership“Because of doing a low fine He said he got it.

After the announcement by the CFTC, Polymarket’s official Twitter account January 4, 2022 In the post on “We are excited to announce our agreement with the CFTC and focus on the future of Polymarket.” statements are also included, while of the three market categories that do not comply with the law that it will be resolved as soon as possible.

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