Polymarket weighs KYC requirements amid global crackdown on prediction markets
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The predictions market operator reportedly explored mandatory user verification requirements, breaking from its policies of allowing traders to access its services using pseudonyms.
Key facts
US President Donald Trump took to his social media platform Truth Social on Tuesday to express his support for the US Commodity Futures Trading Commission (CFTC) having “exclusive jurisdiction
According to a Wednesday report by The Information, Polymarket has considered mandatory user verification requirements more in line with Know Your Customer (KYC) standards
As of Wednesday, Polymarket had “geoblocked” 35 countries, restricting residents from placing orders on the platform
Cointelegraph reached out to Polymarket for comment on The Information report but did not receive an immediate response
Summary
Prediction markets platform Polymarket is reportedly considering measures to verify users in response to pressure from global authorities over sanctions violations and other areas of legal risk to the company. According to a Wednesday report by The Information, Polymarket has considered mandatory user verification requirements more in line with Know Your Customer (KYC) standards. As of Wednesday, Polymarket had “geoblocked” 35 countries, restricting residents from placing orders on the platform. Polymarket users are allowed to operate under pseudonyms, generally preventing the public from knowing their identities and opening the platform to potential legal risks over bets on controversial event contracts.