{"id":389245,"date":"2022-01-04T05:54:28","date_gmt":"2022-01-04T02:54:28","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/crypto-predictions-platform-polymarket-fined-1-4m-by-ctfc\/"},"modified":"2022-01-04T05:54:28","modified_gmt":"2022-01-04T02:54:28","slug":"crypto-predictions-platform-polymarket-fined-1-4m-by-ctfc","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/crypto-predictions-platform-polymarket-fined-1-4m-by-ctfc\/","title":{"rendered":"# Crypto predictions platform Polymarket fined $1.4M by CTFC"},"content":{"rendered":"<p>&#8220;<strong># Crypto predictions platform Polymarket fined $1.4M by CTFC <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDEvNjJhYjZiNDQtN2IzNi00NDBjLWI2YWEtYWE2ODY1ODE3NTUwLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>New York-based crypto predictions platform Polymarket has reached a settlement with the Commodity Futures Trading Commission (CFTC) to pay a fine of $1.4 million. <\/p>\n<p>Polymarket is a decentralized platform that enables users to bet on the outcomes of event markets such as pro-sports <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a>s and political elections via binary options contracts. <\/p>\n<p>On Jan. 3, the CFTC announced that it had <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8478-22\">entered<\/a> an order filing and simultaneously settling charges against Polymarket, with the platform found to have operated an \u201cillegal unregistered or non-designated facility\u201d since June 2020. <\/p>\n<p>Under the order, Polymarket is required to pay a civil monetary penalty of $1.4 million along with winding back any markets on the platform that do not comply with CFTC and Commodity Exchange Act (CEA) regulations. Polymarket responded with a Jan 4. tweet stating that they were &#8220;excited to move forward&#8221;.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">We\u2019re pleased to confirm that we&#8217;ve successfully agreed to a settlement with the CFTC, &amp; are excited to move forward &amp; focus on the future of Polymarket. <\/p>\n<p>As per the order, the 3 markets lasting past 1\/14 that don&#8217;t comply with the Act will be prematurely resolved. More soon<\/p>\n<p>\u2014 Polymarket (@PolymarketHQ) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/PolymarketHQ\/status\/1478132679510048773?ref_src=twsrc%5Etfw\">January 3, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nThe CFTC stated that event market contracts backed by a pair of binary options \u201cconstitute swaps\u201d under its jurisdiction and that platforms offering exposure to the market must be regulated under the CFTC and CEA. <\/p>\n<p>In the announcement, the CTFC\u2019s acting director of enforcement Vincent McGonagle urged derivatives platforms to register with the enforcement body, he paid particular attention to those operating in the decentralized finance (DeFi) sector: <\/p>\n<blockquote><p>\u201cAll derivatives markets must operate within the bounds of the law regardless of the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> used, and particularly including those in the so-called decentralized finance or \u2018DeFi\u2019 space.\u201d<\/p><\/blockquote>\n<p>The CFTC did note, however, that Polymarket received a reduced civil monetary penalty due to its \u201csubstantial cooperation\u201d with the investigation into the platform.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Will US regulators shake stablecoins into high-tech banks?<\/em><\/strong><\/p>\n<p>Cointelegraph reported back in October 2021 that the CFTC had launched its investigation\u00a0into Polymarket, with the platform reportedly hiring former CTFC enforcement head James McDonald to handle the probe. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/crypto-predictions-platform-polymarket-fined-1-4m-by-ctfc\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Crypto predictions platform Polymarket fined $1.4M by CTFC &#8221; New York-based crypto predictions platform Polymarket has reached a settlement with the Commodity Futures Trading Commission (CFTC) to pay a fine of $1.4 million. Polymarket is a decentralized platform that enables users to bet on the outcomes of event markets such as pro-sports games and&#8230;<\/p>\n","protected":false},"author":1,"featured_media":389246,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDEvNjJhYjZiNDQtN2IzNi00NDBjLWI2YWEtYWE2ODY1ODE3NTUwLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75422,75012,75846,70934],"class_list":["post-389245","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cftc","tag-derivatives","tag-futures","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/389245","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=389245"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/389245\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/389246"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=389245"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=389245"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=389245"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}