EDUSELL
Financial Market Examiner
Midas Crypto Vault
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews
No Result
View All Result
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews
No Result
View All Result
Financial Market Examiner
No Result
View All Result
Home Crypto News

Crypto & Fiat Currency Exchange Banned By CFTC Over US Elections Gambling

Admin by Admin
August 8, 2022
in Crypto News
0
Crypto & Fiat Exchange predict banned by CFTC
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter
MMC MMC

PredictIt, a crypto, and fiat currency gambling platform have been banned by the Commodity Futures Trading Commission (CFTC). The crypto exchange enables Americans to wager on who will be elected to Congress or the next president.

The CFTC has ordered the crypto and political gambling platform to suspend operations in the US for breaking the conditions of its agreement.

The regulator rescinded a letter allowing PredictIt license to operate its non-profit online exchange. The platform allows users to speculate on the likely results of elections and financial events using fiat cash or cryptocurrencies.

The platform works by allowing bettors/traders to purchase shares in anticipation of a prospective outcome; if their prediction is accurate, they receive $1 per share. The site limits wagers to $850, or equivalent bets in crypto.

 

As the site was administered by the New Zealand-based Victoria University of Wellington, which gave gambling odds and statistics to academic researchers, the CTFC issued it a no-action relief letter in 2014.

The CTFC reversed its prior issuance of permission last week, stating that the exchange was no longer “a small-scale, non-profit, online market for event contracts in the United States for educational purposes.” Predict It contradicted the claim.

The CFTC stated that PredictIt trading in contracts listed in accordance with the 2014 legal interpretation must cease by February 15, 2023. The regulator’s decision did not entail enforcement.

This means that citizens can still wager on markets such as the 2024 presidential election between former President Donald Trump and Florida Governor Ron DeSantis.

Share on TwitterTweet
Share on Pinterest Share
Share on LinkedIn Share
Share on Digg Share
Tags: Crypto
Institutional Trading Concept Institutional Trading Concept Institutional Trading Concept
ADVERTISEMENT
Previous Post

AUD/USD Gains Strong Positive Traction

Next Post

7 Things to Know About Sango Coin

Admin

Admin

Next Post
Sango Coin

7 Things to Know About Sango Coin

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

  • 99 Subscribers
  • Trending
  • Comments
  • Latest
AUD USD pair

Forex: AUD/USD Point To More Downside For The Aussie

October 20, 2022
yen and dollar

FOREX-Yen Flirts With Intervention Level As Dollar See Gains

October 11, 2022
Virtual stadium in the metaverse

Why Virtual Stadium Can Be the Next Big Thing in the Metaverse

January 26, 2023
USDD Depegs

USDD Stablecoin Depegs To $0.96, Tron (TRX) Dumped

December 12, 2022
What is Initial Coin Offering?

Initial Coin Offering (ICO)

0
What is staking?

Staking

0
What is Defi?

Defi (Decentralized Finance)

0
Differences between Axie Infinity and Decentraland

Axie Infinity and Decentraland: Features and Differences

0
AUD USD pair

AUD/USD falls from 7-month highs

February 2, 2023
What is Wiki Cat

What is Wiki Cat (WKC)?

February 1, 2023
FTX Group Interim Financial Update Contradicts Court Filing, Shows Exchange Had $1.43B In Cash

FTX Group Interim Financial Update Contradicts Court Filing, Shows Exchange Had $1.43B In Cash

February 1, 2023
Tesla Lost Millions In Crypto

Tesla Lost Millions In Crypto

February 1, 2023

Recent News

AUD USD pair

AUD/USD falls from 7-month highs

February 2, 2023
What is Wiki Cat

What is Wiki Cat (WKC)?

February 1, 2023
FTX Group Interim Financial Update Contradicts Court Filing, Shows Exchange Had $1.43B In Cash

FTX Group Interim Financial Update Contradicts Court Filing, Shows Exchange Had $1.43B In Cash

February 1, 2023
Tesla Lost Millions In Crypto

Tesla Lost Millions In Crypto

February 1, 2023
Financial Market Examiner

Get all the latest Financial Market (Crypto & Forex) news, updates and other relevant resources here.

Follow Us

Browse by Category

  • Crypto News
  • Education
  • Forex News
  • Gaming
  • Reviews
  • Stocks

Recent News

AUD USD pair

AUD/USD falls from 7-month highs

February 2, 2023
What is Wiki Cat

What is Wiki Cat (WKC)?

February 1, 2023

© 2022 Financial Market Examiner. - Designed by Mayconcept Solutions.

No Result
View All Result
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews

© 2022 Financial Market Examiner. - Designed by Mayconcept Solutions.

?>