←back to thread

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: 0.446s | source
Show context
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

replies(6): >>42130959 #>>42131193 #>>42131218 #>>42131520 #>>42140122 #>>42145248 #
orblivion ◴[13 Nov 24 23:03 UTC] No.42131193[source]▶
Kalshi got the goahead from an appeals court to list election bets. I think Robinhood added election bets soonafter. Is there a reason that wouldn't apply to Polymarket? Granted, Polymarket was operating before that ruling.

https://www.reuters.com/legal/us-federal-court-upholds-rulin...

replies(6): >>42131253 #>>42131338 #>>42131497 #>>42131620 #>>42132271 #>>42136073 #
1. tacticalturtle ◴[14 Nov 24 00:00 UTC] No.42131620[source]▶
The Wall Street Journal version of the OP article seems to indicate that the ruling did not apply to Polymarker due to it’s settlement with the CFTC in 2022 - but the language used is a little unclear:

> Polymarket has blocked access to Americans since 2022, following a settlement with the Commodity Futures Trading Commission, which accused the company of running an unregistered derivatives-trading platform. Traders say the ban on U.S. users can be circumvented using virtual private networks.

>Election betting was legalized in the U.S. under a recent federal court ruling, but only for CFTC-regulated markets, so Polymarket has remained off-limits to Americans.

https://www.wsj.com/us-news/law/fbi-polymarket-ceo-investiga...

replies(1): >>42132100 #
2. ianhawes ◴[14 Nov 24 01:11 UTC] No.42132100[source]▶
Would scream civil instead of criminal.