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FBI Raids Home of Polymarket CEO Shayne Coplan

(www.axios.com)
249 points jaboutboul | 2 comments | 13 Nov 24 21:29 UTC | HN request time: 0.403s | source
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legitster ◴[13 Nov 24 21:35 UTC] No.42130253[source]▶
Obviously there are no details yet, but I suspect it's as simple as:

- Polymarket is still very illegal in the US

- Lol. We all know it's easy to get around that

- If the CEO knew or was complicit in US citizens breaking laws, he could be in trouble. And if there was evidence he was encouraging it, he could be in big trouble

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herpderperator ◴[13 Nov 24 22:36 UTC] No.42130959[source]▶
Can someone explain to me how this is? It's a company HQ'd in New York, but it's not allowed to do business in the very country it's HQ'd in? What am I missing?
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1. n2d4 ◴[13 Nov 24 23:55 UTC] No.42131579[source]▶
You're not missing anything — that's exactly how it is. There's nothing that stipulates that US companies must sell to other US companies, and it's a great place for investments & startups, so even if Polymarket isn't licensed to operate in the US it still makes sense for them to be there.
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2. Sebb767 ◴[14 Nov 24 01:31 UTC] No.42132214[source]▶
> and it's a great place for investments & startups, so even if Polymarket isn't licensed to operate in the US it still makes sense for them to be there.

Well, maybe for startups in general, but it apparently didn't work out for Polymarket. Also, it's probably a better case if you're just not targeting US customers, rather than being actually forbidden from trading with US customers.