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"The meteoric rise of the crypto betting platform Polymarket, the billions of dollars placed in bets on the outcome of the United States presidential election, and rumors of market manipulation and other malfeasance seem to have culminated in various investigations against the platform.

One, from France’s gambling regulator, seeks to “examin[e] [Polymarket’s] operation and compliance with French gambling legislation”. French law requires gambling platforms to register with and submit to oversight from the country’s gambling authority, as well as pay rather hefty taxes. Polymarket has not done any of these things, and so is likely to be shut down in the country. Although France’s gambling regulator has reportedly been eyeing the platform for a while now, the headline-making bets on a Donald Trump win from a trader who claims to be French [I69] may have hastened things along.

Over in the US, the FBI raided the apartment of Polymarket CEO Shayne Coplan on November 13. Although Polymarket is based in the United States, it is not meant to be available to US-based bettors following a 2022 wind-down order (and fine) from the CFTC [W3IGG]. However, Polymarket — like many crypto platforms — does the bare minimum to pretend they’re putting in effort to prevent prohibited users from using the platform. If a person tries to place bets while connected from an IP address that geolocates to the United States, the site prevents them from doing so. However, IP-based location spoofing is an incredibly easy task, and many Americans have been using this technique to gain access to betting on the site."

https://www.citationneeded.news/issue-70/

#Crypto #Cryptocurrencies #Cryptobetting #Polymarket #USA #Trump

Polymarket offers crypto powered betting in sports, business, science, politics and more. Gee what could go wrong?

Users have spent more than $2.7 billion placing bets on the USA presidential election - presumably these are bets by non US citizens, as Polymarket is illegal in the USA.

Crypto betting insiders estimate as much as 30% of pro-Trump bets thought to be fake trades. #crypto #polymarket #election #marketmanipulation #cryptobetting #gambling #politicalgambling