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Crypto Venue for Bets on Trump, JLo and Covid Faces U.S. Probe

  • CFTC examining Polymarket for possible rule violations
  • Popular firm allows traders to make wagers on event outcomes
Ben Affleck and Jennifer Lopez attend "The Last Duel" New York Premiere on Oct. 9.

Ben Affleck and Jennifer Lopez attend "The Last Duel" New York Premiere on Oct. 9.

Photographer: Arturo Holmes/Getty Images

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It’s the go-to place for making crypto wagers on whether Donald Trump retakes the White House and Jennifer Lopez and Ben Affleck get engaged. It’s also under scrutiny by a top Wall Street regulator.

The firm is Polymarket -- a New York-based platform that’s surged in popularity during the pandemic as a way for bettors to predict the outcomes of real-world events, including elections, ballgames and the private lives of celebrities. The problem? It may be breaking U.S. financial rules. The Commodity Futures Trading Commission is investigating whether Polymarket is letting customers improperly trade swaps or binary options and if it should be registered with the agency, according to people familiar with the matter.