Polymarket will implement stricter controls on U.S. users

According to Polymarket, Donald Trump is close to victory in the US presidential election. Yet there is criticism, and what will the crypto betting platform do about it?

The decentralized crypto betting platform Polymarket was recently criticized. The accusation: some large 'whales' would have influenced the ratings for the U.S. presidential election in November in favor of Republican Donald Trump.

According to a Bloomberg report the platform now responds with tighter controls: "Polymarket is rechecking users' data, especially those making large bets, to ensure compliance."

Currently on Polymarket, Trump is nearly 30 percentage points ahead of Kamala Harris, while polls correctly identify the Democratic candidate as the favorite. Meanwhile, nearly $2.3 billion has been wagered on elections through Polymarket. This has also caught the attention of U.S. regulators such as the CFTC, who are now investigating the crypto platform's activities more closely.

One notable fan of Polymarket is Tesla CEO Elon Musk, who spoke out at a Republican campaign rally. "Polymarket is more accurate than polls because there is actual money at stake," stated the well-known Trump supporter. Of course, Musk is not impartial on this issue.