The post Coinbase CEO Slams DOJ For Alleged Political Polymarket Probe appeared on BitcoinEthereumNews.com.

Coinbase CEO Brian Armstrong has criticized the Department of Justice (DOJ) for its recent investigation into Polymarket, a cryptocurrency-based prediction market platform. Armstrong expressed frustration on social media, suggesting that the DOJ’s actions are politically motivated and could inadvertently strengthen Polymarket’s influence.  The ongoing probe, which involved a search of Polymarket CEO Shayne Coplan’s devices, has sparked widespread debate in the cryptocurrency and technology sectors. Coinbase CEO Brian Armstrong Criticizes DOJ In a post on X (formely Twitter), the Coinbase CEO Brian Armstrong, has given his two cents on the Polymarket probe. Amid an FBI raid, Polymarket is said to have violated the terms of its earlier settlements with U.S. regulators by permitting U.S.-based users to place bets, the DOJ probe of the platform suggests.  A 2022 consent order with the Commodity Futures Trading Commission (CFTC) limited Polymarket’s access to US-based traders and the company paid a $1.4 million penalty. But latest findings suggest that US users might still be using the platform hence raising compliance issues. The probe has picked up pace after a surge in election-related trades on Polymarket particularly those in favour of Donald Trump’s re-election. Critics, however, despite the Coinbase CEO comments, have expressed fears that such big bets can manipulate the general opinion.  Polymarket has however said it takes steps to ensure that its services are not used by those based in the United States, but the DoJ’s investigation indicates that the company remains concerned about potential violations. Polymarket Denies Political Motivations, Defends Its Operations In reaction to the DOJ’s actions, Polymarket has come forward to explain that its platform is a tool that aids people in gaining information about the world, including elections.  The company called the DOJ’s actions politically motivated and said that the company would fight for “itself and its community.” Polymarket’s…

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Filed under: News - @ November 14, 2024 12:24 pm