Polymarket prediction platform fined $1,4 million
The main reason for the sanctions by regulators is the lack of registration with the CFTC
06.01.2022 - 07:25
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What’s new? The US Commodity Futures Trading Commission (CFTC) website has posted a press release with information about the sanctions imposed on the popular Polymarket prediction platform. The total amount of the fine was $1,4 million.
The full version of the press release
What is Polymarket being accused of? According to the CFTC representatives, the decentralized platform served the trading of over-the-counter binary options without proper registration. The agency stressed that regardless of the technology, whether it is blockchain or classical transactions, all derivatives markets have to operate within the law.
The total amount of the fine was $1,4 million. It is noted that the fine was reduced due to cooperation from the platform. At the same time, Polymarket stated that they had reached an understanding in resolving issues with the CFTC. The company will take into account the violations found and take measures to eliminate them.
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