The guy who runs a website for degenerate gamblers is in trouble after allegedly letting the wrong people play.
Yesterday the FBI raided the NYC home of Polymarket CEO Shayne Coplan and seized his phone and electronics. The raid took place around 6 a.m. and Coplan was home when the agents entered his apartment. Later in the day, the Department of Justice announced it was investigating the prediction market for allowing U.S. citizens to make trades on the platform, which is illegal.
The U.S. has done a lot to normalize online gambling in the last ten years, but these kinds of predictive betting markets are still illegal here. A U.S. citizen can log on to the site and watch the markets move but they aren’t allowed to lay a bet. It got in trouble over this before and settled a dispute with the Commodity Future Trading Commission in 2022. It paid a $1.4 million fine.
Later that day, Coplan posted about the problem on X and, once again, blamed Biden for being upset about the election results. “It’s discouraging that the current administration would seek a last-ditch effort to go after companies they deem to be associated with political opponents.
“Polymarket has provided value to 10’s of millions of people this election cycle, while causing harm to nobody. We’re deeply proud of that,” Coplan said on X. “I’m also proud to say that the future of America, and in particular American entrepreneurship, has never been brighter.
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