Polymarket says it isn't adding mandatory KYC verification to its main prediction market site, pushing back on a report that the company was moving toward wider verification because of sanctions pressure.
The Information reported on May 27 that Polymarket wanted traders to identify themselves as it faced sanctions risks as users in restricted countries, such as Russia, were still reaching the platform through VPNs.
Josh Stevens, Polymarket's vice president of engineering, called the report false in an X post, saying the company is launching a new beta product with identity checks for only a select group of users.
Josh Stevens
The rumors of KYC checks comes as prediction markets face wider questions over identity checks, geoblocking and suspicious trading.
- The Wall Street Journal reported earlier in May that House Republicans had opened an investigation into possible insider trading on prediction market platforms, including Polymarket and Kalshi, and asked for information on user verification and geographic restrictions.