The US CFTC launches a broad investigation into Polymarket, involving social media activity and false trading.
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According to Bloomberg, the US Commodity Futures Trading Commission (CFTC) is conducting an extensive investigation into prediction market platform Polymarket, covering areas such as social media activity and fake transactions. Polymarket hired dozens of college-aged creators to film videos of simulated trading to attract users. The CFTC and the Department of Justice had previously concluded an investigation into whether Polymarket violated the ban on US users, as some US users accessed the platform via VPN. Since reaching a settlement with the CFTC in 2022, Polymarket has prohibited US users from accessing its main platform and is currently taking steps to reintroduce the main exchange into the US and working with the CFTC to lift the ban.
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