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US CFTC launches broad investigation into Polymarket, covering social media activity and fake trading.

MarsBitNews
Mars Finance News, according to Bloomberg, the U.S. Commodity Futures Trading Commission (CFTC) is conducting a broad investigation into the prediction market platform Polymarket, covering its business operations including social media activities. Previously, The Wall Street Journal reported that Polymarket hired dozens of social media creators, primarily of college age, to film fake trading videos to attract users. This investigation covers other aspects of the company's business. The CFTC and the Department of Justice ended an investigation last year into whether Polymarket violated the U.S. user ban, but some U.S. users still bypass the ban by accessing its main platform via VPN and other methods. Since reaching a settlement with the CFTC in 2022, Polymarket has technically prohibited U.S. users from using its main platform, but the company is taking steps to reintroduce its main exchange to the U.S. and cooperate with the CFTC to lift the ban. Senators Adam Schiff and John Curtis sent a letter to the CFTC last Thursday, asking the agency to confirm whether it is investigating Polymarket's advertising practices, and how the agency has prevented Polymarket from attracting U.S. users since the 2022 actions.
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