{"id":137440,"date":"2024-09-18T16:30:16","date_gmt":"2024-09-18T13:30:16","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=137440"},"modified":"2024-09-18T13:52:05","modified_gmt":"2024-09-18T10:52:05","slug":"cftc-warns-offshore-crypto-betting-platforms-including-polymarket","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/cftc-warns-offshore-crypto-betting-platforms-including-polymarket\/","title":{"rendered":"CFTC Warns Offshore Crypto Betting Platforms, Including Polymarket"},"content":{"rendered":"<p>CFTC Chair Rostin Behnam stated on July 17 that the agency is scrutinizing offshore activities to ensure compliance with U.S. laws.<\/p>\n<p>He emphasized that any entity with a significant U.S. presence must register its derivative contracts, or face legal consequences. This enforcement could extend to various financial entities including exchanges and brokers.<\/p>\n<p>Recent months have seen increased scrutiny of blockchain-based prediction markets, particularly as betting on the 2024 presidential election has surged. Polymarket had previously settled with the CFTC in January 2022 for $1.4 million due to unregistered event-based markets.<\/p>\n<style>\n    .dark-mode .read-more {background-color: #343a40 !important;}\n<\/style>\n<div class=\"read-more pb-3 pt-3 pt-md-2 px-3 my-4 border bg-light\">\n    <h5 class=\"text-uppercase border-bottom mb-3 pb-1 d-none d-md-block\">READ MORE:<\/h5>\n    <a class=\"article row\" href=\"https:\/\/cryptodnes.bg\/en\/sec-commissioners-to-testify-before-congress-amid-gensler-criticism\/\" title=\"SEC Commissioners to Testify Before Congress Amid Gensler Criticism\">\n        <div class=\"contentRight col-4\">\n            <span class=\"imgContainer mt-0\">\n                <img decoding=\"async\" class=\"image img-defer\" src=\"https:\/\/cryptodnes.bg\/en\/wp-content\/uploads\/sites\/2\/2022\/11\/abc6b5f0-643e-11ed-befd-4d7c15b54a2a-2-240x170.jpeg\">\n            <\/span>\n        <\/div>\n        <div class=\"contentLeft col-8\">\n            <h4 class=\"title mb-0\">SEC Commissioners to Testify Before Congress Amid Gensler Criticism<\/h4>           \n            \n        <\/div>        \n    <\/a>\n<\/div>\n<p>The CFTC recently faced a setback in a lawsuit against Kalshi, another prediction platform. The court ruled that the CFTC overstepped its authority by demanding Kalshi halt its election markets.<\/p>\n<p>Despite this, Kalshi\u2019s election markets were suspended again on September 12 after an appeals court issued a stay order, following calls from lawmakers for a ban on election betting.<\/p>\n<p><iframe loading=\"lazy\" title=\"FMQ 2024: A Conversation with Rostin Behnam, Chair, U.S. Commodity Futures Trading Commission\" src=\"https:\/\/www.youtube.com\/embed\/RVSit4Mgtdc\" width=\"100%\" height=\"463\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">\ufeff<\/span><\/iframe><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Commodity Futures Trading Commission (CFTC) is closely monitoring offshore crypto betting platforms like Polymarket that offer derivative contracts to U.S. customers, warning of potential enforcement actions for legal violations.<\/p>\n","protected":false},"author":3,"featured_media":29090,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[22],"tags":[],"class_list":["post-137440","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.8.1 - 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