Coinbase CEO Brian Armstrong Slams DOJ Investigation Of Polymarket

Updated: 14 November 2024

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Coinbase CEO Brian Amrstrong has slammed the US Department of Justice (DOJ) for its investigation of the decentralized betting platform, Polymarket.

Armstrong expressed his frustration regarding the incident in a now-deleted post on X. He went on to suggest that the probe into the betting platform is politically motivated and could inadvertently strengthen Polymarket’s influence in the future.

FBI Raid Polymarket CEO’s Home

Armstrong’s comments come after Polymarket allegedly violated the terms of its earlier settlement with regulators in the US by allowing US citizens to place bets on its platform.

The US Federal Bureau of Investigation (FBI) raided the home of Polymarket CEO Shayne Coplan yesterday, taking his phone and other electronics as potential evidence.

Coplan commented on the raid in a Nov. 14 X post after purchasing a new phone. “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,” he wrote in the post.

According to the Polymarket CEO, the platform is “deeply committed to being non-partisan.” He then added that the US election outcome may have been different if the incumbents just took “a more pro-business, pro-startup approach” after saying that they should “do some self-reflection.”

Armstrong was not the only one to share his take on the matter. Tesla founder and the new owner of X, Elon Musk, seemed to agree with what Coplan said in his post, commenting “Indeed.”

Polymarket’s Settlement With The CFTC

Polymarket settled with the US Commodity Futures Trading Commission (CFTC) in 2022. Along with a $1.4 million penalty, the company also had to agree to a consent order that limited Polymarket’s access to traders outside the US.

Recent findings suggest US bettors still used the platform, masking their true location with virtual private networks (VPNs).