- Polymarket could soon ask its users to verify themselves with IDs on its platform.
- The move comes as regulatory pressure mounts on the platform to curb anonymous betting.
- Several instances have occurred worldwide in which people with insider knowledge have abused the platform for personal gain.
- Users take undue advantage of anonymous trading to use the platform even when it is banned in their country, such as the USA.
Polymarket Rolls Out New KYC Rules
The Polymarket has reportedly rolled out new KYC norms that require users to verify their IDs on the platform to continue trading. The largest betting platform for crypto users seems to shed anonymous trading feature due to pressure from regulators worldwide.
The application is highly regulated because it falls under the grey area where cryptocurrencies and gambling meet. Although the platform creates a prediction market, in a traditional sense, it is still a gambling platform, one of the grey areas where regulated markets and unregulated markets both exist. Governments around the world fear that, due to the rising number of users on the platform, it could become a powerful arena where powerful politicians, businessmen, and other pressure groups could exert influence on events worldwide.
In our experience, we have seen prediction manipulation during the 2024 US Presidential Elections, with a large number of whales attempting to influence prediction outcomes. Strangely, Polymarket is not allowed in the United States. Further, several politicians have been accused of trading on the platform using internal knowledge of events such as the Iran conflict, the Hormuz Crisis, and trade wars.
Is Polymarket Legal or Illegal in My Country?
Although Polymarket can be accessed by anyone across the world, it is deemed illegal in many countries where gambling is banned by law. Furthermore, there are several countries, such as the United States, where the platform is not allowed to operate.
Disclaimer: BFM Times acts as a source of information for knowledge purposes and does not claim to be a financial advisor. Kindly consult your financial advisor before investing.
