Key Points:
- Polymarket US users are under scrutiny as bets on Donald Trump’s presidential campaign soar.
- Polymarket has previously faced legal issues, including a fine from the CFTC for illegal trading services.
According to Bloomberg, Polymarket is increasing efforts to verify the residency of high-stakes US-based users of the cryptocurrency-based predictions market.
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Polymarket US Users Under Increased Surveillance as Trump Betting Jumps
Recent scrutiny comes after a recent surge in wagers for Donald Trump‘s presidential ambitions. The sources privy to the matter said that Polymarket US users who placed high-value bets were reviewing.
Recently, several accounts have spent millions on Trump-related outcomes. One such trader, Fredi9999, has reportedly placed more than $18 million in bets on Republican outcomes, including almost $13 million on the primary presidential market.
The political betting market at Polymarket has also seen a lot of attention, with over $2.2 billion in trading volume during this election cycle. On Tuesday, heavy betting on Trump increased his implied probability of winning to 64% on Polymarket, from 59% on PredictIt to 60% on Kalshi. Still, according to the latest voter polls, Trump trails his Democratic competitor, Vice President Kamala Harris, by a marginal 49.3% to 48.5%, according to RealClearPolitics.
Regulators Lean In as U.S. Users Find Ways to Bypass Restrictions
Despite Polymarket US users being restricted from betting, it has been found hard way to implement. According to reports, American traders have been seeking ways into the election markets as there are a number of online guidelines showing how one can work their way around this restriction using VPNs.
The platform has faced serious litigation issues in the past. In early 2022, the Commodity Futures Trading Commission fined Polymarket for allegedly trading illicitly. The case was later closed after a settlement in which Polymarket decided to withdraw operations services in the U.S. while retaining its international presence.
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Source: https://coincu.com/288552-polymarket-us-users-are-being-restricted