"At one point, the processor rejected as fraudulent more than 80% of the deposits it was handling, a rate that far exceeded industry standards of roughly 1%. Polymarket employees quickly raised their concerns with Chief Executive Shayne Coplan, according to people familiar with the events.
The compliance team, those people recalled, was floored by Coplan’s response: Just keep growing and pay a fine if regulators ever find out."
At what point are you a casino and at what point are you just a utility for money laundering, insider betting, scams & fraud?
alt Hacker News
Thanks. These paragraphs are pretty damning:
"At one point, the processor rejected as fraudulent more than 80% of the deposits it was handling, a rate that far exceeded industry standards of roughly 1%. Polymarket employees quickly raised their concerns with Chief Executive Shayne Coplan, according to people familiar with the events.
The compliance team, those people recalled, was floored by Coplan’s response: Just keep growing and pay a fine if regulators ever find out."
At what point are you a casino and at what point are you just a utility for money laundering, insider betting, scams & fraud?