certify
Home arrow Article arrow Article Detail

CFTC is reportedly investigating Defi prediction Polymarket

Profile Image

Indrani bose Follow

INDIA

Oct, 25 2021

Oct, 25 2021

likes | comments 0

Article Image

As per a report, the United States Commodity Futures Trading Commission (CFTC) is investigating Polymarket which is a New York-based decentralized prediction market to check whether the platform is allowing its users to trade swaps or binary options and if it should be registered with the financial regulator.


According to the report due to the talk regarding a new round of funding with anonymous sources led the CFTC to start investigating Polymarket as this new funding could lead the company valued at $1 billion. Although the CFTC declined to say anything on this. The answer given by Polymarket doesn’t much confirm nor decline the existence of any probe. Entrepreneurs of Decentralized finance (Defi) have argued that smart contract interfaces shouldn’t have policies like centralized exchanges. From the platform, a spokesperson said, “Polymarket is firmly committed to complying with applicable laws and regulations and to providing information to regulators that will assist them with any inquiry.” As per a report, James McDonald, the former director of the CFTC enforcement division and partner at legal firm Sullivan & Cromwell was engaged by Polymarket to address the probe.

Other funding rounds by Polymarket:

In a funding round held in October 2020, where Meltem Demirors CoinShares CSO, Balaji Srinivasan former Coinbase CTO, and Naval Ravikant AngelList CEO took participation, Polymarket earned $4 million. It was that led by Polychain Capital.

Also Read |  Canadian company Purpose Investment files prospectus on crypto ETF with Canadian regulators

Other firms offering decentralized prediction markets:

At the beginning of October Polymarket along with Augur introduced a Polygon deployment of its platform. It offers an eclectic range of markets along with the speculation on COVID case numbers, CryptoPunks floor prices, and Donald Trump’s presidency. Crypto price predictions and sports forecasting are currently the main focus points for Augur markets.


likes | comments 0

Profile Image

Indrani bose

CBW - External Analyst

INDIA

Comments
We Are WBS Singapore Award Winners - Top Artificial Intelligence ICO For 2022!
banner
Article
Mastercard and Hi launch customized debit cards

On September 26, the financial services provider Mastercard announced a partnership with cryptocurrency and fiat exchange hi to launch a debit card that users can customize with their own NFT...;

Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.