The U.S. Department of Justice and the Commodity Futures Trading Commission have closed their investigations into Polymarket, the cryptocurrency-based prediction market, Bloomberg reported, citing people familiar with the matter. The company received formal notice earlier this month that both agencies would take no further action.

Regulators opened the probes in late 2023 to determine whether the New York-based platform continued to accept wagers from U.S. residents despite a January 2022 CFTC consent order that required Polymarket to block domestic customers and bring its contracts into compliance with derivatives rules. The Justice Department was also examining potential violations of federal anti-gambling and securities laws.

To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io