FBI Raids Polymarket CEO's Home Amid DOJ Investigation Into Election Betting Platform
The Department of Justice (DOJ) is reportedly investigating whether Polymarket allowed U.S. residents to participate in its betting markets, which could violate U.S. law.
Federal agents raided the New York apartment of Shayne Coplan, CEO of Polymarket, early Wednesday morning, seizing his phone and electronic devices as part of an investigation into the crypto-driven betting platform. Polymarket, an offshore site allowing users to bet on various events, had drawn attention for its odds on the recent U.S. presidential election, which showed strong support for former President Donald Trump, in contrast to prevailing opinion polls that reflected a tighter race with Vice President Kamala Harris.
The Department of Justice (DOJ) is reportedly investigating whether Polymarket allowed U.S. residents to participate in its betting markets, which could violate U.S. law. While Polymarket declined to comment on the investigation, a spokesperson suggested the raid was politically motivated, saying it was “obvious political retribution” due to Polymarket’s alignment with Trump’s odds on the platform.
Coplan was not taken into custody, and the FBI, DOJ, and White House have yet to comment on the operation. The timing of the investigation follows Polymarket’s growing prominence in the lead-up to the election, partly due to a mysterious high-stakes bettor from France, known as the “Polymarket whale.” The trader made substantial bets on Trump, netting over $46 million in profits, which helped push Trump’s odds higher on the platform.
In a related development, France’s gambling authority has launched an inquiry to determine if Polymarket’s operations comply with French law. Polymarket does not officially allow U.S. trading, but this investigation underscores the mounting scrutiny from regulatory bodies as the platform continues to attract global attention.
