Key Takeaways
- An undisclosed Source claims that the United States CFTC is currently probing Polymarket.
- The Commission is allegedly investigating if the prediction platform allows people to sell binary options and swaps that ought to be registered with the country’s financial regulators.
- Augur is also about to start offering prediction services, as it recently unveiled a polygon deployment of its platform.
The Decentralized prediction platform, Polymarket, has been undergoing probing from the US Commodity Futures Trading Commission(CFTC). As per news made by Bloomberg on October 23, an undisclosed source claimed that the CFRC is currently reviewing the Polymarket operation to determine if the prediction platform allows people to sell binary options and swaps that ought to be registered with the Country's financial regulator. The Commission is, however, yet to validate the originality of the claim.
The platform representative explained that the prediction market is strongly dedicated to obeying the guiding rules and regulations and making the required information needed for any investigation available to the regulators. The report also explained that Polymarket had employed the former head of the Commission's enforcement department and the present partner at Legal firm Saullivan & Cromwell, James McDonald, to deal with the investigation.
