Polymarket Under Fire

Polymarket is a decentralized betting platform for real-life events. Events like “Will Donald Trump be the next president” and “Will the FDA approve any Covid-19 vaccination for children under 12 by 1 November?” can be found on this platform.

This is not the first platform aimed at these types of bets and it is not the first one under scrutiny. The CFTC has announced they will be probing the platform, stating it is an unlicensed, binary option and trade swap.

Polymarket has responded by stating it will comply with applicable laws and regulations, all the while pushing its aim to be legitimate in the space.

Crypto gambling has been on the rise globally. Digital currencies offer quick withdrawals, deposits, and seamless payments.

The usage of blockchain technology reduces the overhead of gambling platforms and allows companies to offer greater bonuses.

Polymarket is not the first to come under surveillance. In July 2018, a decentralized betting market named Augur came under fire when users placed bets on the odds of an assassination attempt on a political figure.

Augur avoided CFTC regulatory concerns claiming they did not facilitate any bets, but just hosted a platform that enabled users to make them.

It has been controversial because, in technicality, its betting platform falls under the category of binary options.

Polymarket reported that it will comply, but the company may be in hot water after the CFTC probe and has hired the former head of the CFTC’s enforcement division to handle it.

There are many cryptocurrency casino options registered and legal in several countries, including the US.

Polymarket is currently the largest decentralized prediction market available with an evaluation of $bn. This news comes as the project was looking to raise money to expand its operations. 

Crypto enthusiasts do not believe the CFTC should be involved in such a matter. Many believe that smart contracts should not be under the same regulatory scrutiny as other products.

The SEC and CFTC do not share that same stance as they look to have every crypto asset registered.

Only time will tell what the outcome of this probe will bring for Polymarket, and the timing of this probe could be damaging toward its fundraising event. To this date, the company has delivered over $4bn in shares with the website still active.

If you are looking to bet with crypto we recommend heading over to Bitcasino1xBit, and FortuneJack.

Looking for your next crypto casino? Check out: Mega Dice or FortuneJack

Written by Isabella Aslam

Reporter

Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.

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