Blockchain based prediction market Polymarket is conducting a thorough review of its user base to ensure that large-scale bettors on the platform are based outside the United States, in compliance with its regulations.
What Happened: The platform, which prohibits U.S. users from trading, has experienced a significant increase in bets supporting Donald Trump‘s chances of winning the upcoming presidential election.
Quoting sources, Bloomberg reported that Polymarket is re-verifying details of users, particularly those making large wagers, to confirm compliance with its rules.
This comes amid heightened scrutiny of Polymarket’s U.S. political markets, which has seen massive bets placed by a few high-rolling traders.
One of the most notable traders, using the username Fredi9999, has wagered over $18 million on Republican outcomes, including nearly $13 million on Trump’s return to the White House.
This account is the largest bettor in Polymarket’s presidential election market and is also the platform’s most profitable account to date.
Blockchain analysts, including those from research firm Arkham Intelligence and sleuths from social media platforms …
Full story available on Benzinga.com