Orhan 
According to an anonymous source cited by the New York Post, the FBI seized Polymarket CEO Shayne Coplan‘s phone and electronic devices on Wednesday. Later, Bloomberg reported that Coplan is under investigation by the U.S. Department of Justice over allegations related to American users.
This action comes just eight days after the popular betting platform Polymarket accurately predicted former President Donald Trump’s win in this year’s presidential election. On November 6, following announcements by major media outlets like Associated Press, Fox News, and NBC that Trump had won, Polymarket resolved its U.S. presidential election market.
A History of Regulatory Challenges
At the start of 2022, Polymarket reached a settlement with the U.S. Commodity Futures Trading Commission (CFTC) over offering “event-based binary options.” As part of the agreement, Polymarket paid $1.4 million, shut down non-compliant markets, and committed to blocking U.S. users and refraining from listing new markets without CFTC approval.
Shayne Coplan’s Response
In a post on X (formerly Twitter), Coplan criticized the timing and motives behind the investigation:
It is disheartening to see the current administration making a last-ditch effort to target companies it associates with political opponents. We remain steadfastly non-partisan, as always. However, those in office should reflect on adopting a more pro-business, pro-startup approach if they hope to change their fortunes in this election.”*
Details of the Incident
At 6:00 AM on the day of the incident, U.S. law enforcement reportedly woke Coplan at his Soho apartment in New York, requesting that he hand over his phone and other electronic devices. However, according to sources, the FBI did not arrest Coplan. The FBI has declined to comment on the matter, New York Post reported.
Coplan later defended Polymarket’s role during the election period:
Polymarket provided value to tens of millions of people during this election cycle and harmed no one. We are incredibly proud of that.”
You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.