Wall Street Journal: Polymarket’s Rush to Grow Left a Door Wide Open For Fraudsters

Congratulations to Wall Street Journal reporters Katherine Long, Caitlin Ostroff and Neil Mehta for yet another groundbreaking story about Polymarket today: https://www.wsj.com/business/polymarkets-fraud-regulators-coplan-5f418ab0. They describe mind-blowing levels of irresponsible practices that make one wonder — where were the adults? 

The reporting about Polymarket "paying influencers to promote videos of fake trades—and target U.S. users with advertisements of its offshore platform" reportedly raised alarm bells with major investors, such as the Intercontinental Exchange, worrying about "federal advertising laws barring deceptive marketing and Polymarket’s agreement with the CFTC not to offer its offshore platform to U.S. traders." They are right to worry about federal laws. And they should add state laws to their list of worries.

This content is for informational purposes only and is not legal advice.