CFTC launches broad investigation into Polymarket, covering social media activities and fake trading

Odaily Planet Daily News The U.S. Commodity Futures Trading Commission (CFTC) is conducting a broad investigation into the prediction market platform Polymarket, covering its business operations including social media activities. Reports have previously indicated that Polymarket hired dozens of social media creators, primarily of college age, to produce fake trading videos to attract users. This investigation also encompasses other aspects of the company's business. The CFTC and the Department of Justice concluded an investigation last year into whether Polymarket violated the U.S. user ban. However, some U.S. users still bypass the ban to access its main platform through methods like VPNs. Since reaching a settlement with the CFTC in 2022, Polymarket has technically prohibited U.S. users from using its main platform, but the company is taking steps to reintroduce its main exchange to the U.S. and is working with the CFTC to lift the ban.