Polymarket is facing mounting pressure again.
According to NPR, Shana Bautista, the platform’s head of global intelligence and investigations and a former FBI agent, said it had investigated “dozens” of cases involving bets related to the U.S. midterm elections. People familiar with the matter said at least two of them had been referred to the CFTC.
She leads a team of about 16 and has also rolled out a new election-monitoring system that can generate hundreds of unusual-activity alerts a day, drawing on social media, the FEC, crypto companies, banking partners, and other sources. The U.S.-regulated platform requires users to provide their real names; the international version allows trading in cryptocurrency. But she said, “In the cases we’ve handled, no one has ever been truly impossible to identify.”
With the midterm elections approaching on November 3, the hotter prediction markets get, the tighter regulators are clamping down on insider information entering the markets.
According to NPR, Shana Bautista, the platform’s head of global intelligence and investigations and a former FBI agent, said it had investigated “dozens” of cases involving bets related to the U.S. midterm elections. People familiar with the matter said at least two of them had been referred to the CFTC.
She leads a team of about 16 and has also rolled out a new election-monitoring system that can generate hundreds of unusual-activity alerts a day, drawing on social media, the FEC, crypto companies, banking partners, and other sources. The U.S.-regulated platform requires users to provide their real names; the international version allows trading in cryptocurrency. But she said, “In the cases we’ve handled, no one has ever been truly impossible to identify.”
With the midterm elections approaching on November 3, the hotter prediction markets get, the tighter regulators are clamping down on insider information entering the markets.
