FBI Raids Polymarket CEO's NYC Apartment
On Wednesday morning, Polymarket CEO Shayne Coplan found the FBI at his front door.
What's the Scoop?
- Electronics Seized: The FBI reportedly seized Coplan’s phone and other electronics, more than a week after the recent election.
- But Why? Coplan is currently under investigation by the Department of Justice due to allegations that U.S. users were accessing Polymarket in violation of their 2022 settlement with the CFTC. This, even though the CFTC has already lost its war on outlawing stateside election betting contracts.
Bankless Take:
Polymarket was a major topic of conversation during the election. Now, just over a week later, the FBI has allegedly approached Coplan, allegedly over concerns over Polymarket’s accessibility for U.S. users. While the platform limits users within the U.S. to a “view-only” mode, preventing them from placing bets, this investigation may be yet another dig at crypto platforms that rely solely on IP geo-blocking for compliance.
It’s discouraging that the current administration would seek a last-ditch effort to go after companies they deem to be associated with political opponents. We are deeply committed to being non-partisan, and today is no different, but the incumbents should do some self-reflecting…
— Shayne Coplan 🦅 (@shayne_coplan) November 13, 2024