Americans traded $571 million on Polymarket politic bets despite U.S. ban
A report by Allium reveals that U.S.-based users traded $571 million on the crypto-based prediction market Polymarket, despite the platform's official ban on American users. The data suggests that VPNs and crypto wallets are effectively bypassing regulatory restrictions.
Why it matters
This highlights the difficulty of enforcing financial regulations on decentralized platforms and the high demand for unregulated political betting markets in the U.S.
Wallets tied to the U.S. traded $571 million in notional value across Polymarket's political markets in the trailing 12 months, more than any other country and ahead of Hong Kong's $422 million, a new report by onchain analysis firm Allium found.
The article relies on data analysis to explain a trend without expressing an opinion on the legality or morality of the actions.
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