CFTC launches extensive investigation into Polymarket, involving social media activities and false trading

According to Bloomberg, the US Commodity Futures Trading Commission (CFTC) is conducting a wide-ranging investigation into predictive market platform Polymarket, covering business aspects such as social media activity and false trading. Polymarket hires dozens of college age creators to shoot fake trading videos to attract users. The CFTC and the Department of Justice have concluded their investigation into whether Polymarket violated the US user ban, with some US users accessing the platform through VPN. Polymarket has banned US users from using the main platform since reaching a settlement with the CFTC in 2022, and is currently taking measures to reintroduce the main exchange to the US and cooperate with the CFTC to lift the ban.