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On a more serious note, Polymarket has acknowledged culpability and paid a $1.4M civil penalty back

Author: TyroneIrish (20416 Posts - Joined: Oct 8, 2020)
Posted at 12:14 pm on Nov 14, 2024
View All

in 2022...it appears they think such losses are worth the gains from continuing their unlawful business schemes. This is why we have a DOJ...to protect citizens and our financial institutions...things that Baron has no interest in...nor does his Avatar, DJT.

Here's an excerpt from my previous link...
----------------
January 03, 2022

Washington, D.C. — The Commodity Futures Trading Commission today entered an order filing and simultaneously settling charges against Delaware-registered Blockratize, Inc. d/b/a Polymarket, based in New York City, for offering off-exchange event-based binary options contracts and failure to obtain designation as a designated contract market (DCM) or registration as a swap execution facility (SEF).

The order requires that Polymarket pay a $1.4 million civil monetary penalty, facilitate the resolution (i.e. wind down) of all markets displayed on Polymarket.com that do not comply with the Commodity Exchange Act (CEA) and applicable CFTC regulations, and cease and desist from violating the CEA and CFTC regulations, as charged.

“All derivatives markets must operate within the bounds of the law regardless of the technology used, and particularly including those in the so-called decentralized finance or ‘DeFi’ space,” said Acting Director of Enforcement Vincent McGonagle. “Market participants should proactively engage with the CFTC to ensure that our markets remain robust, transparent, and afford customers the protection provided under the CEA and our regulations.”

Case Background

The order finds that, beginning in approximately June 2020, Polymarket had been operating an illegal unregistered or non-designated facility for event-based binary options online trading contracts, known as “event markets.” According to the order, through its website, Polymarket offered the public the opportunity to “bet on your beliefs” by buying and selling binary options contracts related to an event taking place in the future that are susceptible to a “yes” or “no” resolution, such as: “Will $ETH (Ethereum) be above $2,500 on July 22?”; “Will the 7-day average COVID-19 case count in the U.S. be less than 15,000 for the day of July 22”; “Will Trump win the 2020 presidential election?”. The order further finds that Polymarket has offered more than 900 separate event markets since its inception, while deploying smart contracts hosted on a blockchain to operate the markets. Polymarket creates, defines, hosts, and resolves the trading and execution of contracts for the event-based binary option markets offered on its website.

According to the order, such event market contracts, each of which is composed of a pair of binary options, constitute swaps under the CFTC’s jurisdiction, and therefore can only be offered on a registered exchange in accordance with the CEA and CFTC regulations.


As stated in the order, the CFTC recognizes Polymarket’s substantial cooperation with the Division of Enforcement’s investigation of this matter in the form of a reduced civil monetary penalty.

-------------------

Folks should remember what happened at the end of GW Bush's administration when "Swaps" went wild...


Replies to: "On a more serious note, Polymarket has acknowledged culpability and paid a $1.4M civil penalty back"

  • Biden/Harris DOJ raids Polymarket. [LINK] - BaronVonZemo - 8:31pm 11/13/24 (14) [View All]
    • Hard for me to say that Biden has anything to do with what is going on or has gone on recently. - TampaIrish - 10:13am 11/14/24
    • Polymarket has apparently been under investigation since at least 2022... [LINK] - TyroneIrish - 3:33am 11/14/24
      • They should have hired Hunter Biden. [NT] - iairishcheeks - 7:18am 11/14/24
    • I suspect they're going after Peter Thiel who funded Polymarket. They may even go after Musk who - Eli - 10:52pm 11/13/24
      • Old Guard ruffled. I'll bet they accuse them of getting a hold of true internal Dem polling data & - BaronVonZemo - 7:29am 11/14/24
        • On a more serious note, Polymarket has acknowledged culpability and paid a $1.4M civil penalty back - TyroneIrish - 12:14pm 11/14/24
    • If you’re going to slurp this dude’s taint, at least spell his name right… - Domer From Hell - 9:29pm 11/13/24
      • Thanks for the name spell correction Dumber Than Hell. Not sure how that happened. [NT] - BaronVonZemo - 7:27am 11/14/24
      • Yr late to the party, its been comical the last 4 yrs [NT] - ColeyO - 9:36pm 11/13/24
        • I agree… - Domer From Hell - 9:41pm 11/13/24
      • You don't seem to be laughing. [NT] - NedoftheHill - 9:29pm 11/13/24
        • No, he's festering as he thinks about "slurping dude's taint". Libs are seriously perverted. [NT] - BaronVonZemo - 2:34pm 11/14/24
        • au contraire mon frère… - Domer From Hell - 9:39pm 11/13/24
          • None taken. I didn't vote for Trump. I voted against Harris. Trump was just the beneficiary. [NT] - NedoftheHill - 9:43pm 11/13/24
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