{"id":31862,"date":"2025-07-15T19:16:33","date_gmt":"2025-07-15T19:16:33","guid":{"rendered":"https:\/\/medexperts.pro\/?p=31862"},"modified":"2025-07-15T19:28:22","modified_gmt":"2025-07-15T19:28:22","slug":"federal-prosecutors-close-inquiry-into-polymarket-betting-website","status":"publish","type":"post","link":"https:\/\/medexperts.pro\/?p=31862","title":{"rendered":"Federal Prosecutors Close Inquiry Into Polymarket Betting Website"},"content":{"rendered":"
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The site became prominent last year when people bet on the outcome of the 2024 presidential election.<\/p>\n

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Federal prosecutors in New York have dropped an investigation into Polymarket, the popular crypto-powered gambling website where users place bets on elections, a person familiar with the matter said.<\/p>\n

In the waning days of the Biden administration, the Federal Bureau of Investigation carried out a search<\/a> at the New York City home of Polymarket\u2019s chief executive, Shayne Coplan, as part of an inquiry into whether the site allowed U.S. users to place bets. A previous settlement with federal investigators banned Polymarket from offering its services to U.S. customers.<\/p>\n

Polymarket received a letter this month from the U.S. attorney\u2019s office for the Southern District of New York, saying the unit\u2019s investigation had been closed, said the person familiar with the inquiry, who was not authorized to speak publicly. The Commodity Futures Trading Commission, a regulatory agency in Washington, sent a separate letter to Polymarket this month saying it, too, had closed an investigation, the person said.<\/p>\n

A Polymarket spokesman declined to comment. Representatives for the Commodity Futures Trading Commission and the Southern District prosecutors declined to comment. Bloomberg<\/a> reported earlier that the investigations had been closed.<\/p>\n<\/div>\n<\/div>\n

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The investigations were closed amid a broader pullback by the federal government from the Biden administration\u2019s crackdown on the cryptocurrency industry. Federal regulators have dropped lawsuits against some of the largest crypto firms, and Congress is considering several pro-crypto bills in the coming days \u2014 a series of votes called \u201ccrypto week\u201d by industry supporters.<\/p>\n

Polymarket became an internet betting phenomenon during last year\u2019s presidential campaign. The election odds there were cited by the Republican nominee, Donald J. Trump; Elon Musk; and news organizations like CNN.<\/p>\n

Gamblers on Polymarket wagered more than $100 million<\/a> on the presidential race. While polls showed a close election, the site\u2019s odds gave Mr. Trump a large advantage over Vice President Kamala Harris, the Democratic nominee.<\/p>\n

In November, F.B.I. agents conducted<\/a> \u201ccourt-authorized law enforcement activity\u201d at Mr. Coplan\u2019s address, according to a law enforcement official.<\/p>\n

In a post on X at the time, Mr. Coplan said<\/a> the Biden administration was making \u201ca last-ditch effort to go after companies they deem to be associated with political opponents.\u201d<\/p>\n<\/div>\n<\/div>\n

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Election betting is a murky legal area in the United States. In 2022, Polymarket agreed to stop offering its services to U.S. users after settling with the Commodity Futures Trading Commission for operating without registration. The company paid a $1.4 million fine.<\/p>\n<\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"

The site became prominent last year when people bet on the outcome of the 2024 presidential election.Federal prosecutors in New York have dropped an investigation into Polymarket, the popular crypto-powered gambling website where users place bets on elections, a person familiar with the matter said.In the waning days of the Biden administration, the Federal Bureau of Investigation carried out a search at the New York City home of Polymarket\u2019s chief executive, Shayne Coplan, as part of an inquiry into whether the site allowed U.S. users to place bets. A previous settlement with federal investigators banned Polymarket from offering its services to U.S. customers.Polymarket received a letter this month from the U.S. attorney\u2019s office for the Southern District of New York, saying the unit\u2019s investigation had been closed, said the person familiar with the inquiry, who was not authorized to speak publicly. The Commodity Futures Trading Commission, a regulatory agency in Washington, sent a separate letter to Polymarket this month saying it, too, had closed an investigation, the person said.A Polymarket spokesman declined to comment. Representatives for the Commodity Futures Trading Commission and the Southern District prosecutors declined to comment. Bloomberg reported earlier that the investigations had been closed.The investigations were closed amid a broader pullback by the federal government from the Biden administration\u2019s crackdown on the cryptocurrency industry. Federal regulators have dropped lawsuits against some of the largest crypto firms, and Congress is considering several pro-crypto bills in the coming days \u2014 a series of votes called \u201ccrypto week\u201d by industry supporters.Polymarket became an internet betting phenomenon during last year\u2019s presidential campaign. The election odds there were cited by the Republican nominee, Donald J. Trump; Elon Musk; and news organizations like CNN.Gamblers on Polymarket wagered more than $100 million on the presidential race. While polls showed a close election, the site\u2019s odds gave Mr. Trump a large advantage over Vice President Kamala Harris, the Democratic nominee.In November, F.B.I. agents conducted \u201ccourt-authorized law enforcement activity\u201d at Mr. Coplan\u2019s address, according to a law enforcement official.In a post on X at the time, Mr. Coplan said the Biden administration was making \u201ca last-ditch effort to go after companies they deem to be associated with political opponents.\u201dElection betting is a murky legal area in the United States. In 2022, Polymarket agreed to stop offering its services to U.S. users after settling with the Commodity Futures Trading Commission for operating without registration. The company paid a $1.4 million fine.<\/p>\n","protected":false},"author":1,"featured_media":31864,"comment_status":"close","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-31862","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology"],"_links":{"self":[{"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/posts\/31862","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=31862"}],"version-history":[{"count":2,"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/posts\/31862\/revisions"}],"predecessor-version":[{"id":31865,"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/posts\/31862\/revisions\/31865"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/media\/31864"}],"wp:attachment":[{"href":"https:\/\/medexperts.pro\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=31862"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=31862"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=31862"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}