{"id":55503,"date":"2022-01-05T13:32:38","date_gmt":"2022-01-05T11:32:38","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=55503"},"modified":"2025-09-04T01:48:46","modified_gmt":"2025-09-03T22:48:46","slug":"cftc-fines-defi-platform-polymarket-1-4-million","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/cftc-fines-defi-platform-polymarket-1-4-million\/","title":{"rendered":"CFTC fines DeFi platform Polymarket $1.4 million"},"content":{"rendered":"<p>The U.S. Commodity Futures Trading Commission (CFTC) <a href=\"https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8478-22?utm_source=govdelivery\">fined<\/a> the prediction platform Polymarket $1.4 million for operating over-the-counter binary options trading without proper registration.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Polymarket has offered more than 900 individual event markets since its inception, placing smart contracts on the blockchain to manage them. Polymarket creates, defines, supports and executes trading and settlement of binary options contracts on its site,&#8221; the press release says.<\/p>\n<\/blockquote>\n<p>The CFTC added that &#8220;all derivative markets must operate within the law, regardless of the technology used.&#8221;<\/p>\n<p>According to the release, cooperation with the regulator yielded a reduced penalty for Polymarket. The platform confirmed a &#8220;successful settlement&#8221; of the matter.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">We\u2019re pleased to confirm that we\u2019ve successfully agreed to a settlement with the CFTC, &#038; are excited to move forward &#038; focus on the future of Polymarket. <\/p>\n<p>As per the order, the 3 markets lasting past 1\/14 that don\u2019t comply with the Act will be prematurely resolved. More soon<br \/>\ud83d\udd2e<\/p>\n<p>\u2014 Polymarket (@PolymarketHQ) <a href=\"https:\/\/twitter.com\/PolymarketHQ\/status\/1478132679510048773?ref_src=twsrc%5Etfw\">January 3, 2022<\/a><\/p>\n<\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Polymarket allows bets on real-world events, such as the passage of an infrastructure package or the number of COVID-19 infections. Prices are determined using an automated market maker technology.<\/p>\n<p>As a reminder, in December 2021 the new head of the CFTC <a href=\"https:\/\/u1f987.com\/en\/news\/rostin-behnam-named-chair-of-the-cftc\">became<\/a> Rostin Behnam, who in October proposed <a href=\"https:\/\/u1f987.com\/en\/news\/cftc-proposes-broadening-its-powers-to-regulate-cryptocurrencies\">expanding the agency&#8217;s powers to regulate cryptocurrencies<\/a> in cryptocurrency regulation.<\/p>\n<p>Follow ForkLog&#8217;s Bitcoin news on our Telegram \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Commodity Futures Trading Commission (CFTC) fined the Polymarket prediction platform $1.4 million for operating over-the-counter binary options trading without proper registration.<\/p>\n","protected":false},"author":1,"featured_media":55504,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[879,1148,26],"class_list":["post-55503","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cftc","tag-polymarket","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"38","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/55503","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=55503"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/55503\/revisions"}],"predecessor-version":[{"id":55505,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/55503\/revisions\/55505"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/55504"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=55503"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=55503"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=55503"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}