Following CFTC settlement, prediction platform Polymarket geoblocks trades in the US

Blockchain-based predictions market Polymarket has added a geoblock to keep US users from trading on the platform. 

A representative for the firm said of the measure: “U.S. residents can view the information markets on the relaunched site, but cannot make trades. For those who reside outside of the U.S., Polymarket.com is available for trading. This geoblocking allows Polymarket to continue to provide individuals with an alternative source of information while working through the regulation process and focusing on the future of the company.”

Still, as is the case with many such measures, a reporter was able to circumvent the geoblock using a VPN, in this case the Cyberghost software. The Block did not submit a transaction as part of this process.

Polymarket’s new geoblock

The move to impose a geoblock was a condition of Polymarket’s settlement with the Commodity Futures Trading Commission earlier this month.

Per that settlement, “By no later than January 24, 2022, Polymarket will certify to the Commission that it has fulfilled these commitments and has made funds available for full redemption by market participants.”

When reached, the firm’s founder and CEO Shayne Coplan declined to specify whether the firm was seeking new licensing to reopen to US users.

It was only in November 2020 that the CFTC gave its first designated contracts market designation to a crypto prediction market, Kalshi.