History of Polymarket in Timeline

Polymarket is a cryptocurrency-based prediction market launched in 2020, allowing users to bet on the likelihood of future events. Based in Manhattan, New York City, the platform enables investors to trade shares representing the probability of various outcomes, including economic indicators, weather, awards, and political or legislative decisions. Users deposit USDC cryptocurrency via the Polygon blockchain to participate in these prediction markets.

May 2024: Raised US$70 million across two funding rounds

In May 2024, Polymarket announced that it had raised US$70 million across two funding rounds. The investments included participation from Vitalik Buterin, co-founder of Ethereum, and Founders Fund, a venture capital firm founded by Peter Thiel.

June 27, 2024: Polymarket predicts Biden withdrawal

A few days after the 2024 U.S. presidential debate held on June 27, 2024, Polymarket predicted a 70% chance that Democratic candidate Joe Biden would withdraw from the 2024 U.S. presidential election, an increase from 20%.

September 2024: Election prediction operations offshore

As of September 2024, Polymarket operates its election prediction operations offshore, as domestic operations would be regulated by the CFTC.

October 7, 2024: Spike in Trump's election odds

On October 7, 2024, Polymarket showed a spike in the odds of Donald Trump winning the 2024 election, reaching 53.3%, with a corresponding decline in Kamala Harris's odds to 46.1%.

October 2024: Investigation of potential market manipulation

In October 2024, Polymarket initiated an investigation of potential market manipulation related to wagers in favor of the Donald Trump 2024 presidential campaign. The company confirmed on October 24 that the four accounts were controlled by one French trader with "extensive trading experience and a financial services background," finding no evidence of efforts at market manipulation.

November 5, 2024: U.S. elections market activity

On November 5, 2024, the outcome of the U.S. elections became the most active market on the Polymarket platform, with over $3.3 billion wagered on the presidential race between Donald Trump and Kamala Harris.

November 13, 2024: FBI raided Coplan's home

On November 13, 2024, the FBI raided Coplan's home and seized his phone. According to Bloomberg News, the Department of Justice is investigating Polymarket for allegedly allowing U.S.-based gamblers to make bets on the website.

November 26, 2024: Blocklisted by Swiss Gambling Supervisory Authority

On November 26, 2024, the Swiss Gambling Supervisory Authority blocklisted Polymarket.com due to the controversial aspects of prediction markets in violation of the regulation on gambling and sports betting.

November 29, 2024: Agreed to perform a geo-block for France

On November 29, 2024, the French National Gaming Authority announced that after having investigated Polymarket because its gaming offerings were likely in violation of French laws, the company had agreed to perform a geo-block for France.

January 8, 2025: Blocked access by Poland's Ministry of Finance

On January 8, 2025, Poland's Ministry of Finance blocked access to Polymarket.com as a domain that offer Gambling in contravention of Polish laws.

January 12, 2025: Blocked access by Singapore’s Gambling Regulatory Authority

On January 12, 2025, Singapore’s Gambling Regulatory Authority blocked access to the website as it was deemed to be providing unlawful gambling.

February 3, 2025: Banned by Belgian gambling commission

On February 3, 2025, the Belgian gambling commission, Commission des Jeux de Hasard, banned the Polymarket platform from the country, warning every user trying to connect to it that the use of this platform in Belgium is now illegal.