In November 2024, FBI agents raided the home of Polymarket CEO Shayne Coplan, seizing electronic devices. Here's what we know about the investigation.
What Happened
FBI agents executed a search warrant at Shayne Coplan's New York residence in November 2024, shortly after the U.S. presidential election. Agents seized phones and other electronic devices.
Background
Who is Shayne Coplan?
Shayne Coplan founded Polymarket in 2020. He dropped out of NYU to build the prediction market platform, which has grown into the largest in the world by trading volume.
Polymarket's regulatory history:
- 2022: CFTC fined Polymarket $1.4 million for operating without registration
- Polymarket agreed to block U.S. users from trading
- The platform continues to operate internationally
The Investigation
The exact focus of the FBI investigation has not been publicly confirmed. Possible areas of inquiry include:
- U.S. user access despite the block
- Market manipulation concerns
- Financial regulations compliance
Polymarket has stated it operates legally and cooperates with regulators.
Impact on Polymarket
Despite the raid, Polymarket continues to operate normally for international users. Trading volume remained high following the news.
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