PredictIt, a crypto and fiat currency gambling platform that enables Americans to wager on who will be elected to Congress or the next president, has been stripped of its legal power to do business in the United States.
The Commodity Futures Trading Commission (CFTC) has ordered the crypto and political gambling platform to suspend operations for breaking the conditions of its agreement.
The CFTC rescinded a letter allowing PredictIt license to operate its non-profit online exchange, where users may speculate on the likely results of elections and financial events using fiat cash or cryptocurrencies.
Gamblers Predict Outcomes Using Fiat And Crypto
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...
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