Polymarket CEO Shayne Coplan Reacts to FBI Raid

Polymarket CEO Shayne Coplan found himself at the center of attention when the FBI conducted a raid at his home on Wednesday morning. Reports indicate that the 26-year-old CEO's electronic devices were seized during the operation.

Details of the Raid

Confirmation of the raid came from a company spokesperson who informed Business Insider about the incident. However, neither the spokesperson nor the FBI provided specific details regarding the nature of the raid. It was reported that Coplan's phone and other electronic gadgets were taken by authorities.

Reason Behind the Raid

Sources suggest that the FBI raid was part of a broader investigation by the US Justice Department into Polymarket. The focus of the inquiry is on whether the platform allowed trading activities from users in the US. Despite being currently inaccessible to US customers, some individuals have reportedly found ways to bypass these restrictions using VPNs.

Legal Scrutiny and International Attention

Aside from the FBI probe, Polymarket is also facing regulatory scrutiny in France to ensure compliance with local laws. The platform gained significant traction earlier in the year for accurately predicting outcomes, particularly during the US election cycle.

Response from Polymarket

In response to the raid, Coplan humorously posted on X: "new phone, who dis?" The company spokesperson labeled the incident as "political retribution" orchestrated by the Biden administration. They emphasized Polymarket's commitment to transparency and public access to market data without taking trading positions or charging fees.

Coplan expressed disappointment at what he perceived as a targeted effort by the current administration against companies associated with political adversaries. The Biden administration did not offer any comments in response to these allegations.

Despite these challenges, Polymarket remains dedicated to providing a platform for individuals to engage with and understand significant global events. The company looks forward to defending its integrity and supporting its community amidst ongoing legal and regulatory scrutiny.

For more details, you can refer to the original article on Business Insider.

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By: lloydlee@insider.com (Lloyd Lee)
Title: Polymarket CEO Shayne Coplan Reacts to FBI Raid
Sourced From: www.businessinsider.com/fbi-raid-polymarket-ceo-shayne-coplan-nyc-2024-election-2024-11
Published Date: Thu, 14 Nov 2024 00:19:19 +0000