Crypto Betting Platform Fined by CFTC

Crypto betting platform Polymarket has been fined $1.4 million by the Commodity Futures Trading Commission for allegedly operating an “illegal unregistered or non-designated facility” since mid-2020. Acting Director of Enforcement Vincent McGonagle said, “All derivatives must operate within the bounds of the law regardless of the technology used,” continuing to note that the markets should be both robust and transparent. Polymarket is a decentralized platform that lets consumers bet on the outcomes of events ranging everywhere from an election to a trial and everything in between, and it all works with cryptocurrency. Popular ongoing bets include the percentage of COVID-19 cases in the U.S. and floor prices for NFTs. Plus, you can bet on price targets for Ethereum, Polygon, and Terra. The CFTC did note that Polymarket has cooperated—reducing its fine significantly.