Decentralized predictions platform Polymarket is back online just three weeks after being fined and ordered to shutter its markets by regulators, but U.S. residents will not be able to trade on the site, the company said in an email Monday.
- U.S. residents will be able only to view information on markets.
- Polymarket said it will block trades from U.S.-based users as it continues “working through the regulation process and focusing on the future of the company.”
- Earlier this month, Polymarket launched a new market called Airdrop Futures that allows speculators to follow and trade on the likelihood of airdrops. This feature is also unavailable to U.S.-based traders.
- On Jan. 3, the Commodity Futures Trading Commission (CFTC) fined Polymarket $1.4 million and ordered it to close its markets and offer users full refunds.
- Bloomberg reported that the CFTC started investigating Polymarket last October.
- When the probe began, Polymarket was reportedly in talks to raise money at an approximately $1 billion valuation.
UPDATE (Jan. 24, 2022, 20:13 UTC): Adds bullet point on Airdrop Futures.
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