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ARTICLE · 13 JANUARY 2022

Event-betting Platform Polymarket To Pay $1.4 Million U.S. Fine

Winston Taylor
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As we discussed in previous blog posts, Decentralization of the Gambling Industry Through Blockchain and Blockchain and Cryptocurrency: the Future of Online Gambling?, ...

United StatesTechnology
Michael Tomasulo
Michael Tomasulo

As we discussed in previous blog posts, Decentralization of the Gambling Industry Through Blockchain and Blockchain and Cryptocurrency: the Future of Online Gambling?, blockchain technology has entered the online gambling market due to its benefits of security, privacy, and efficiency in facilitating transactions. One major player in the space, Polymarket, will wind down existing contracts and pay $1.4 Million to settle U.S. regulators' allegations it offered illegal trading. Polymarket is an online platform for betting on politics, economic indicators, and other real-world events. Instead of U.S. dollars, customers use USD Coin—a stable coin pinned to the U.S. dollar and backed by Coinbase Global Inc—to facilitate transactions. The platform displays existing markets live on the Ethereum blockchain and does not take custody of the coins.

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