Polymarket Relaunches but Excludes U.S. Traders
Polymarket has announced a geoblocking policy which will limit U.S. users to viewing markets only.
Users who reside outside of the United States will still be able to trade on Polymarket’s prediction markets.
This decision is likely influenced by the same CFTC order that forced the closure of certain markets on Polymarket.
Share this article
Polymarket, a crypto-based predictions market, has announced that it has relaunched its site with limited access for U.S. users.
Polymarket has announced its relaunch, but will limit U.S. users to view-only access. The news represents a change in direction for the site following actions taken by the Commodity Futures Trading Commission (CFTC) earlier this month that restricted the site’s operations.
On Jan. 3, Polymarket settled with the CFTC for $1.4 million and was ordered to close certain markets. Polymarket said in response that it would close three markets.
The company says that it will now use a geoblocking policy so that U.S. residents will be able to view markets, but will not be able to trade. Trading will remain available to users outside of the United States.
In an email sent to Crypto Briefing and other publications, Polymarket said that these limitations will allow it to “provide individuals with an alternative source of information while working through the regulation process focusing on the future of the company.”
The timing of today’s announcement may be due to the fact that the CFTC’s order set Jan. 24 as a deadline for Polymarket to certify that it had restricted the relevant markets and redeemed user funds.
Polymarket Is Expanding Despite Limitations
It is unclear whether Polymarket will be able to reopen trading to U.S.-based users in the future.
However, the site continues to expand in other directions in the meantime. Polymarket says that it has added new markets in several areas, including cryptocurrency, NFTs, business, politics, and culture. Perhaps most notably, Polymarket has added a category that allows users to place bets on which crypto project will issue or “airdrop” a native token by the end of March.
The company raised $4 million in October 2020 to expand its features and offerings.
Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other cryptocurrencies.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Polymarket Raises $4 Million for Crypto Prediction Market
Polymarket has raised $4 million to expand its Ethereum-based prediction market platform, according to a press release. Funds Will Expand Polymarket The company’s latest funding round brought in money from…
Investing Survey: Win A $360 Subscription To Pro BTC Trader
We’re doing this because we want to be better at picking advertisers for Cryptobriefing.com and explaining to them, “Who are our visitors? What do they care about?” Answer our questions…
Crypto Prediction Markets Were The Election’s Biggest Winner
The winner of the U.S. presidential election will dictate the direction of the world’s largest economy. And though Biden and Trump stand opposed, the markets only fear one thing: a…
What Is Augur? Introduction to REP
What is Augur? Augur is a cryptocurrency that powers prediction markets. It can be used to bet on sporting events, political outcomes, economies, and just about everything else in the…