On Wednesday, the US Federal Bureau of Investigation (FBI) searched the home of Polymarket CEO Shane Coplan and seized his phone and other gadgets.
"It is disappointing that the current US administration has made a last-ditch effort to go after companies it believes are connected to political opponents. We are committed to impartiality, and nothing has changed today, but the current administration should think twice," Koplan wrote.
The search of the home of the CEO of Polymarket took place eight days after users of the popular DeFi - Betting platforms correctly predicted Donald Trump's victory.
Although Polymarket is headquartered in New York, Americans have been unable to place bets on the platform since early 2022. Yesterday's raid is believed to be related to the service being suspected of violating the ban. Polymarket representatives previously stated that they were conducting additional checks and blocking players who may be US citizens.
Polymarket's boom coincided with the US presidential election, but after the results of the vote were announced, trading volume on the platform fell by 84%. The number of active users has already fallen by 53%.
