CFTC is satisfied with a crypto-based betting platform for 1.4 million US dollars

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By Dean Seal (Jan. 4, 2022, 5:50 p.m. EST) – The US Commodity Futures Trading Commission kicked off the new year with a $ 1.4 million settlement to settle registration claims against a crypto-based platform that users use enables real world events, from election results to COVID-19 statistics.

New York-based Polymarket does not admit or deny the derivatives regulator’s claims that it has offered event-based binary options contracts, better known as “Event Market” or “Prediction Market” contracts, without proper registration with the CFTC to get the agency said Monday.

Using smart contracts on the Ethereum blockchain, Polymarket enables customers to place bets on the outcomes of events that are either a …

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