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The FBI raided the New York residence of Polymarket CEO Shayne Coplan on Wednesday (Nov. 13), seizing his phone and other electronic devices, the company confirmed.
According to a report by the New York Post, the 26-year-old discovered federal agents in his Manhattan home. The company clarified that Coplan was not arrested.
On Wednesday evening, Coplan posted on X, formerly known as Twitter: “New phone, who dis?”
Polymarket suggested the raid was in retaliation for its users overwhelmingly betting on a Donald Trump victory in the election. Before the election, ReadWrite reported that the site showed a high probability of Trump winning and gave Kamala Harris only a slim chance, a projection that differed significantly from most mainstream polls.
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
Coplan added: “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 and recognize that taking a more pro-business, pro-startup approach may be what would have changed their fate this election.”
As part of a 2022 agreement with the Commodity Futures Trading Commission (CFTC), Polymarket is required to block U.S.-based traders from conducting transactions on its platform.
Cited by Bloomberg, Polymarket stated that it would “stand up for ourselves and our community,” claiming that the FBI search was politically motivated.
“Polymarket is a fully transparent prediction market that helps everyday people better understand the events that matter most to them, including elections,” the company added.
Polymarket faces FBI and CFTC
Two years ago, under Coplan’s leadership, the company resolved an enforcement action with the CFTC. It ended up paying a $1.4 million penalty and agreeing to restrict access for U.S. users.
In recent weeks, the company has stated that it has implemented further measures to identify and block users it suspects may be U.S. citizens or located within the U.S.
ReadWrite has reached out to Polymarket for comment.
Featured image: Ideogram
