On the morning of November 13, agents from the FBI conducted a search of Polymarket CEO Shayne Coplan’s apartment in Manhattan, USA. Authorities seized a phone and other electronics, according to a New York Post report citing a source.
The head of the betting platform has not been arrested or charged, the publication noted.
It’s discouraging that the current administration would seek a last-ditch effort to go after companies they deem 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…
— Shayne Coplan ? (@shayne_coplan) November 13, 2024
“[…] The current administration is making a last-ditch effort to pursue companies they believe are linked to political opponents. We are deeply committed to non-partisanship, and today is no exception. […]” commented Coplan.
According to a New York Post source, the FBI could have asked a lawyer to hand over the phone, but instead, authorities “decided to stage a raid to leak information to the media.”
The search may have been “political retribution,” as Polymarket predicted Donald Trump’s victory in the US elections, the publication writes.
The government is likely using reports from liberal media accusing the platform of market manipulation and falsifying poll results in favor of Trump, journalists noted.
According to Bloomberg, the search is linked to an investigation by the US Department of Justice into Polymarket’s activities. The platform is allegedly suspected of providing services to American users.
Under a 2022 agreement with the Commodity Futures Trading Commission, the platform must prohibit US traders from making transactions on the platform. As part of the settlement, the firm paid a $1.4 million fine.
Earlier in November, media reported on a French regulator’s investigation into Polymarket’s activities.