Following CFTC settlement, prediction platform Polymarket geoblocks trades in the US
January 24, 2022, 3:38PM EST
1 min read
Blockchain-based predictions market Polymarket has added a geoblock to keep US users from trading on the platform.
A representative for the firm said of the measure: "U.S. residents can view the information markets on the relaunched site, but cannot make trades. For those who reside outside of the U.S., Polymarket.com is available for trading. This geoblocking allows Polymarket to continue to provide individuals with an alternative source of information while working through the regulation process and focusing on the future of the company."
Still, as is the case with many such measures, a reporter was able to circumvent the geoblock using a VPN, in this case the Cyberghost software. The Block did not submit a transaction as part of this process.
Per that settlement, "By no later than January 24, 2022, Polymarket will certify to the Commission that it has fulfilled these commitments and has made funds available for full redemption by market participants."
When reached, the firm's founder and CEO Shayne Coplan declined to specify whether the firm was seeking new licensing to reopen to US users.
It was only in November 2020 that the CFTC gave its first designated contracts market designation to a prediction market, Kalshi.
As cryptocurrencies become increasingly mainstream, regulators, the media and policymakers are paying more attention to the financial crime risks associated with them. But what are the biggest compliance challenges crypto firms face, and what does a best practice AML program look like?
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
TRON DAO has announced the launch of a $10 million incentive fund in light of recent events to support Terra developers migrating to the TRON ecosystem, including TRON’s EVM compatible cross-chain solution BitTorrent Chain (BTTC), which helps facilitate the seamless transfer of assets across mainstream public chains, including TRON, Ethereum, and BNB Chain.