News Summary

A recent study by Rutgers University statistician Harry Crane has revealed that Americans are trading billions on Polymarket’s banned offshore crypto-based prediction platform, despite regulatory prohibitions. The study estimates that US traders account for 30 percent of the platform’s trading volume, amounting to approximately $10.6 to $26.7 billion. Although Polymarket’s primary platform has been banned in the US since 2022 due to it being an unregistered derivatives trading platform, many US traders use VPNs to bypass restrictions. The prediction market, which includes US-centric events such as elections and sports, continues to attract US-based traders, raising questions about regulatory enforcement in the crypto prediction market space.