The Federal Bureau of Investigation has reportedly executed a search warrant on the home of Shayne Coplan, the CEO of decentralized predictions-betting platform Polymarket.
Citing a source who requested anonymity, Bloomberg reports that the FBI seized Coplan’s phone and electronics. The raid happened as the US Justice Department (DOJ) is reportedly investigating Polymarket for allegedly accepting trades from US-based users.
Polymarket enables users to place bets on the outcome of future events by trading shares in the USDC stablecoin. In 2022, the platform settled an enforcement action with the Commodity Futures Trading Commission (CFTC) and agreed to block US-based traders from making transactions.
Polymarket’s popularity surged as users of the platform were able to wager unlimited amounts on their favored candidates in the US presidential election. The betting market also correctly predicted that former president Donald Trump would win.
Polymarket says the FBI search was politically motivated. In a statement on social media platform X, Coplan says the current administration is making a last-ditch effort to go after companies they consider to be associated with political opponents.
“We are deeply committed to being non-partisan, and today is no different, but the incumbents should do some self-reflecting and recognize that taking a more pro-business, pro-startup approach may be what would have changed their fate this election.
Polymarket has provided value to 10’s of millions of people this election cycle, while causing harm to nobody. We’re deeply proud of that.”
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