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Popular Betting Platform Polymarket under scanner Ahead of US polls

Popular Betting Platform Polymarket under scanner Ahead of US polls

CryptotimesCryptotimes2024/09/24 08:30
By:Dishita MalvaniaJahnu Jagtap

These scams involve gaining trust through social media, leading victims to invest in fake crypto ecosystems displaying false information.

The U.S. Commodity Futures Trading Commission (CFTC) is increasingly scrutinizing offshore crypto betting platforms, including Polymarket. During a July 17 discussion at Georgetown University’s Psaros Center for Financial Markets and Policy, CFTC Chair Rostin Behnam announced that the agency is closely monitoring platforms offering services to U.S. customers without proper registration. 

The U.S. CFTC is closely monitoring Polymarket as the U.S. Presidential elections approach. Recently, Kamala Harris has gained traction against Donald Trump in the betting stakes on Polymarket.

Currently, Kamala Harris leads in the Polymarket predictions for the 2024 presidential election with a 50% chance of winning, while Donald Trump is at 48%.

Popular Betting Platform Polymarket under scanner Ahead of US polls image 0 Source: Twitter

The CFTC is under scrutiny due to allegations of market manipulation on offshore platforms, raising concerns about unrestricted betting distracting from real election issues.

CFTC head Behnam expressed doubts about the public’s desire for federal oversight in elections. While platforms like Polymarket and PredictIt reflect public sentiment, they also raise ethical questions.

SEC Tackles First Crypto “Pig Butchering” Scam

On Sept. 17, the U.S. Securities and Exchange Commission (SEC) filed its first case against a crypto “pig butchering” scam. The SEC sued five entities and three individuals connected to fake exchanges, CoinW6 and NanoBit, accusing them of defrauding investors of $3.2 million. These scams involve gaining trust through social media, leading victims to invest in fake crypto ecosystems displaying false information.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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