TechFlow news — On January 4, the U.S. Commodity Futures Trading Commission (CFTC) announced yesterday that it has reached a settlement with Polymarket, a crypto-based prediction market platform, for "offering binary options contracts based on off-exchange events without being designated as a Designated Contract Market (DCM) or registered as a Swap Execution Facility (SEF)." As part of the settlement, Polymarket agreed to pay $1.4 million, shut down non-compliant markets on its website Polymarket.com, and "cease and desist from violating the Commodity Exchange Act (CEA) and CFTC regulations." The CFTC stated that by January 14, 2022, the respondents must stop providing access to trading in markets displayed on Polymarket.com unless such offers, solicitations, or transactions comply with the Act and applicable Commission regulations. In October, the CFTC had announced it was investigating whether the prediction market platform Polymarket allowed customers to inappropriately trade binary options and whether the platform should be registered with the CFTC.
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