The Commodity Futures Trading Commission (CFTC) has reportedly issued a subpoena to US cryptocurrency exchange Coinbase as part of an ongoing investigation into decentralized prediction market platform Polymarket.
In a post on social media platform
The email states that the derivatives market regulator is seeking general customer information from Coinbase in connection with its investigation into Polymarket, a crypto-based gambling platform that allows users to bet on the outcome of future events by trading shares in USDC.
“Biden’s CFTC subpoenas Coinbase customer information in their case against Polymarket.”
Polymarket’s popularity soared during the US presidential elections and users correctly predicted Donald Trump’s victory.
In November, the Federal Bureau of Investigation raided the home of the platform’s CEO, Shayne Coplan, amid allegations that Polymarket violated a settlement agreement with the CFTC to block transactions by U.S.-based users.
But Coplan says the action is politically motivated.
“Incumbents need to do some self-reflection and recognize that a more pro-business, pro-startup approach could have changed their fortunes this election.”
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