Polymarket refers election bets to CFTC as offshore wallets dominate

Polymarket has investigated dozens of bets tied to the U.S. midterms and referred at least two of those cases to the Commodity Futures Trading Commission (CFTC). Despite the investigations, Polymarket’s largely unregulated offshore site still allows traders to stay anonymous and pay in crypto. Can Polymarket’s offshore site be controlled? Polymarket runs two platforms. One platform demands that users trade with real identities, the U.S. version, while Polymarket International, which has been described by the company’s head of global intelligence and investigations Shana Bautista as its “bigger brother,” is essentially unregulated and lets people trade anonymously with cryptocurrency. Bautista, a former FBI official who joined the company in June, argued the anonymity is thinner than it looks, saying that despite it, there has never been a case where the authorities…

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