CFTC issued a penalty order against Polymarket
The Commodity Futures Trading Commission (CFTC) today issued a penalty order against Polymarket (the operating name for Blockratize, Inc.) which offers over-the-counter event-based binary options contracts. According to the filing the company failed to register as a designated contract market (DCM) or swap execution facility (SEF). The order requires Polymarket to pay a civil money penalty of $1.4 million.The CFTC also ordered Polymarket to close all markets displayed on Polymarket.com that do not comply with the Commodity Exchange Act (CEA) and applicable CFTC regulations by January 14. Acting Director of Enforcement Vincent McGonagle also stated that "all derivatives markets must operate within the bounds of the law regardless of the technology used, and particularly including those in the so-called decentralized finance or 'DeFi' space. "
Polymarket cooperated with the investigation
Polymarket is a crypto betting service which allows users to pick one of at least two options on given trades, such as who might win the 2020 presidential election. Bloomberg had reported on the investigation back in October. When it said, Polymarket was being investigated by the Commodity Futures Trading Commission (CFTC) over whether the prediction markets platform was improperly letting customers trade swaps or binary options and whether it should be registered with the agency. At the time, the company hired the former head of the CFTC's enforcement division to conduct the investigation.Polymarket will also cease and desist from any further violations of the CEA, although it does not appear that the company itself will be shut down. the CFTC acknowledges Polymarket's extensive cooperation with the Division of Enforcement, which is why the company has gotten a reduced civil money penalty. According to the order, the company will stop offering markets by January 14, 2022 and commit to making all funds available to users by January 24.
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