Coinbase subpoenaed in Polymarket investigation, platform criticized

Home » Coinbase subpoenaed in Polymarket investigation, platform criticized

Posted: January 13, 2025, 09:14 pm.

Last updated: January 13, 2025, 09:14 pm.

Coinbase has been subpoenaed by the United States Commodity Futures Trading Commission (CFTC) in connection with the federal agency's investigation of Polymarket, a cryptocurrency-based peer-to-peer prediction exchange.

wildfire in polymarket coinbase singapore
Firefighters monitor the Palisades wildfire in Mandeville Canyon on Saturday, Jan. 11, 2025, in Los Angeles. The public has scolded Polymarket for allowing betting on the outcome of the fire. (image: AP,

The CFTC regulates derivatives markets, including futures, swaps, and options. In recent years the scope of free agency has expanded to include controversial betting exchanges such as Polymarket, which last offered contracts on the outcome of the 2024 presidential election.

Outgoing CFTC Chairman Rostin Behnam opposed betting on the November election. The CFTC is actively investigating PolyMarket's operations to determine whether the staking exchange allowed US-based clients.

Coinbase, an online cryptocurrency exchange that allows users to buy, sell, trade and store crypto, has been summoned in the Polymarket inquiry. The company notified some users about the federal order to disclose information about its customer base.

“We write to inform you that a subpoena has been sent to Coinbase… general customer information is sought including information related to your account(s),” the email informed. “No action is required on your part, but Coinbase may need to send information related to your account(s) to the Commodity Futures Trading Commission.”

In early 2022, PolyMarket agreed to a $1.4 million civil monetary penalty with the CFTC for offering event-based binary options contracts without obtaining a Designated Contract Market (DCM) concession from the federal regulator. The Commodity Exchange Act requires companies that offer such options and contracts to register with the CFTC.

The settlement terms require Polymarket to stop allowing US users to participate in the ongoing operations of the New York-based organization.

polymarket criticism

Although the majority of Polymarket users are based outside the US (some US-based players continue to access the site via a virtual private network), the exchange is largely based on developments in the US.

The exchange has come under criticism for offering bets on Luigi Mangione, the alleged gunman who murdered UnitedHealthcare CEO Brian Thompson in December. Recently, the website decided to offer contracts in response to the ongoing wildfires in Los Angeles, which have killed at least 24 people.

Polymarket continues to wreak havoc on many markets. For example, over $314K is at risk once the Palisades wildfire is completely contained. It is the leader with an implied probability of 74% before January 31st.

Our goal is to provide relevant information to all those affected and help separate the signal from the noise,” said a statement from Polymarket. “These markets address the same questions being discussed in cable news and X, but replace the punditry and speculation with transparent, probabilistic forecasts.”

Polymarket says it has suspended fees on wildfire-related markets.

Singapore banned the platform

Over the weekend, Polymarket suffered another nasty blow after Singapore banned the online betting website. The Gambling Regulatory Authority of Singapore (GRA) stated that such exchanges are considered illegal gambling.

Gaming regulators in Singapore, one of the world's richest casino markets, controlled by Marina Bay Sands and Resorts World Sentosa, have labeled Polymarket as an “illegal gambling site hosted by an unlicensed gambling service provider”.

The GRA has warned that individuals found guilty of gambling with an unlicensed gambling service provider could face a fine of up to S$10K and a prison sentence of up to six months.

Get up to:
115,000 INR  +

500 FS for the 4 first deposits

4.8

*New players only

New players only. Welcome Bonus: Get up to 115 000 INR + 500 FS for the first four deposits. In addition to the welcome bonus, Lopebet also offers a variety of other bonuses and promotions for Indian players. These include weekly reload bonuses, casino bonuses, and sports betting bonuses. You can find more information about all of Lopebet's bonuses and promotions on their website.

Get up to:
400% Bonus
Up to first ₹50,000
* New customers only.

4.5

New players only. Welcome Bonus: Always Regal also offers a 150% bonus up to ₹30,000 for live casino games. This bonus is subject to the same wagering requirement as the slot machine bonus./p>

Get up to:
200% Bonus
Up to first ₹10,000
* New customers only.

4.3

New players only. Welcome Bonus: Davegas also offers a 200% bonus up to ₹10,000 for live casino games. This bonus is subject to the same wagering requirement as the slot machine bonus.

Get up to:
200% Bonus
Up to first ₹100,000
* New customers only.

4.3

New players only. Welcome Bonus: The 200% bonus is credited immediately upon deposit. Bonus funds must be wagered 35x before any withdrawals. Maximum bonus amount is ₹100,000.

Get up to:
100% bonus up to ₹40,000
You can claim a 100% bonus up to ₹40,000 on your first deposit, plus 200 wager-free free spins on the popular slot game Book of Dead.

4.0

New players only. Welcome Bonus - Luckydreams Casino is offering a generous welcome bonus to new players from India. You can claim a 100% bonus up to ₹40,000 on your first deposit, plus 200 wager-free free spins on the popular slot game Book of Dead.

Get up to:

360% Bonus upto ₹16,000

welcome bonus of up to 360% on their first four deposits, up to ₹16,000.

4.0

*New players only

New players only. Indian players can claim a welcome bonus of up to 360% on their first four deposits, up to ₹16,000!

Get up to:
100% Bonus
Up to first ₹50,000
* New customers only.

3.8

New players only. Welcome Bonus: bigboost also offers a 50% bonus up to ₹25,000 on 2nd deposit. This bonus is subject to the same wagering requirement as the slot machine bonus.

Bonus up to:
₹10,000
Welcome Package
* New customers only. can get a 100% match bonus up to ₹10,000 on their first deposit.

3.8

*New players only

New players only. Welcome Bonus - 100% bonus on your first deposit up to ₹10000. IQ Pari offers a variety of bonuses and promotions to its Indian customers. These bonuses can help you boost your bankroll and increase your chances of winning. However, it is important to read the terms and conditions carefully before claiming any bonus.

Get up to:

100% Bonus
on the first deposit
up to 20,000 INR

* New customers only.

3.5

New players only. Register with Megapari and receive a 100% bonus to the maximum amount of 20,000 INR on the first deposit!

Bonus up to:
₹25000
Welcome Package
* 125% match bonus up to ₹25,000 on your first deposit.

3.3

*New players only

New players only. Welcome Bonus: 125% match bonus up to ₹25,000 on your first deposit, if you deposit within the first hour of registering. 250 free spins on the slot game Starburst, if you deposit Rs. 15 or more within the first hour of registering

Leave a Reply

Your email address will not be published. Required fields are marked *


New Casinos

Always Regal Casino: 400% bonus up to ₹100,000 for live casino games.

Krundi Casino: 200% bonus up to ₹100,000 for live casino games.

300% bonus up to ₹372,000 on your first deposit, Deposit a min of ₹ 1,150 and get a bonus.

Davegas Casino: 200% bonus up to ₹10,000 for live casino games.

100% bonus up to ₹40,000 on your first deposit, plus 200 wager-free free spins on the popular slot game Book of Dead.

Bigboost Casino: 100% bonus up to ₹50,000 for live casino games.

© Copyright 2020 casinoxbetting