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VincentYu comments on Open Thread, November 16–30, 2012 - Less Wrong Discussion

3 Post author: VincentYu 18 November 2012 01:59PM

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Comment author: VincentYu 26 November 2012 11:22:22PM *  4 points [-]

Intrade stopped allowing US residents to participate in its prediction markets in response to a civil complaint filed by the US Commodity Futures Trading Commission.

We are sorry to announce that due to legal and regulatory pressures, Intrade can no longer allow US residents to participate in our real-money prediction markets.

Unfortunately this means that all US residents must begin the process of closing down their Intrade accounts. We strongly urge you to begin this process immediately.

The U.S. Commodity Futures Trading Commission (CFTC) today filed a civil complaint in federal district court in Washington, DC, charging Intrade The Prediction Market Limited (Intrade) and Trade Exchange Network Limited (TEN), Irish companies based in Dublin, Ireland, with offering commodity option contracts to U.S. customers for trading, as well as soliciting, accepting, and confirming the execution of orders from U.S. customers, all in violation of the CFTC’s ban on off-exchange options trading. The CFTC’s complaint also charges Intrade and TEN with making false statements concerning their options trading website in documents filed with the CFTC, and charges TEN with violating a 2005 CFTC cease and desist order.

HT: MR