The United States Department of Justice and the Commodity Futures Trading Commission (CFTC) have reportedly closed their investigations into online betting platform Polymarket after several months.
According to a Bloomberg report on Tuesday, authorities ended investigations into Polymarket to investigate whether the platform was accepting trades from US-based users. The investigation reportedly ramped up after the 2024 US elections, when many Polymarket users were betting on the outcome of races.
The company reached a $1.4 million settlement with the CFTC in 2022. Amid the reported investigations in November 2024, the Federal Bureau of Investigation (FBI) raided the home of Polymarket CEO Shayne Coplan, confiscating his electronic devices.
A person with knowledge of the matter confirmed the end of the investigation to Cointelegraph. Neither Coplan nor Polymarket had publicly commented on the Bloomberg report at the time of publication.
This is a developing story, and further information will be added as it becomes available.
