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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 …

Crypto prediction market platform Polymarket settles with CFTC for $1.4 million

Polymarket, a blockchain-based prediction market platform, has settled with the US Commodity Futures Trading Commission. In an announcement Monday, the CFTC said that the settlement was for “offering off-exchange event-based binary options contracts and failure to obtain designation as a designated contract market (DCM) or registration as a swap execution facility (SEF).”  As part of the settlement, Polymarket agreed to pay $1.4 million, wind down the non-compliant markets on its website, Polymarket.com, and “cease and desist from violating the CEA …