FBI raids home of Polymarket CEO

CEO Shayne Coplan accuses Biden administration of targeting company over its perceived political associations.

Authorities in the United States have raided the home of the chief executive of Polymarket, a betting platform that drew widespread attention for strongly favouring Donald Trump to win the presidential election.

The Federal Bureau of Investigation executed a search warrant on CEO Shayne Coplan at his Manhattan home on Wednesday.

The New York Post, which first reported the raid, said that Coplan, 26, was roused from bed at 6am by federal agents who demanded he turn over his phone and other electronic devices.

In a post on X, Coplan accused the outgoing administration of President Joe Biden of making a “last-ditch effort to go after companies they deem to be associated with political opponents”.

“We are deeply committed to being non-partisan, and today is no different, but the incumbents should do some self-reflecting and recognise that taking a more pro-business, pro-startup approach may be what would have changed their fate this election,” Coplan said.

Coplan added that Polymarket had provided “value” to tens of millions of people during the election campaign, while “causing harm to nobody”.

The FBI did not immediately respond to a request for comment.

The raid drew sharp criticism from a number of prominent figures in the tech world.

“What the f**** is wrong with this administration,” Brian Armstrong, the CEO of the cryptocurrency exchange Coinbase, said in a post on X, using an expletive.

“This will backfire – they just made Polymarket even more powerful.”

Tesla and SpaceX CEO Elon Musk, who is set to co-lead a Department of Government Efficiency in Trump’s incoming administration, also weighed in, writing on X: “This seems messed up”.

Founded in 2020, Polymarket allows users to place bets on upcoming events ranging from election outcomes to sport results and weather patterns.

Polymarket blocked US users in 2022 after reaching a $1.4m settlement with the Commodity Futures Trading Commission for failing to register with the agency, though it is possible to get around the ban by accessing the site using a VPN.

The platform gained attention ahead of the election after giving Trump strong odds of beating Vice President Kamala Harris, despite opinion polls showing the race to be a dead heat.

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Al Jazeera and news agencies