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FBI agents reportedly conducted a dawn raid on Polymarket CEO Shayne Coplan’s New York City residence on November 13, seizing his phone and other electronic devices. The raid, which took place at 6:00 am ET, is rumored to be linked to concerns over potential market manipulation by Polymarket, a platform that allows users to place bets on various outcomes, including the recent 2024 U.S. presidential election.
According to an unnamed source cited by the New York Post, Coplan was not arrested, although the unannounced search has raised eyebrows among both prediction market supporters.
A spokesperson for Polymarket issued a public statement following the raid, suggesting that the action was politically motivated by the Biden administration, pointing to the platform’s role in forecasting election outcomes accurately.
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“We charge no fees, take no trading positions, and our data remains open for anyone to review as a public good,” the spokesperson stated, defending Polymarket’s transparency and commitment to its users. The spokesperson added that Polymarket remains determined to protect its community and the right to access unbiased market data.
A “Political Theater” or Legitimate Investigation?
For some close to Coplan, the FBI raid seemed staged, likely to discredit the platform during a politically charged period. “This is nothing short of political theater,” said a source close to Coplan, who questioned why the FBI hadn’t simply reached out to Coplan’s legal team instead of staging an early morning search.
The timing, they noted, comes just after Donald Trump’s sweeping presidential victory, a result that Polymarket’s prediction markets reportedly mirrored, potentially sparking controversy around the platform’s influence.
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With the 2024 election generating intense interest, Polymarket recorded $3.7 billion in bets in its “Presidential Election Winner 2024” market. While the platform is officially off-limits to U.S. users, the New York Post highlighted that some Americans may have circumvented these restrictions via virtual private networks (VPNs). The prediction market confirmed that it actively monitors transactions to ensure compliance and prevent U.S. residents from participating.
Regulatory Scrutiny Continues as Polymarket Rises
This latest incident isn’t Polymarket’s first encounter with U.S. regulators. In January 2022, Polymarket settled with the CFTC, paying $1.4 million in fines for failing to register its prediction markets. As the platform continues to gain popularity, its legal challenges have underscored the regulatory complexities surrounding event-based betting.
Whether or not Coplan faces charges, this latest raid signals a potential escalation in scrutiny of the fast-growing crypto betting space.
