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Polymarket Faces Backlash Over TikTok Ban Prediction Market Resolution
Polymarket Faces Backlash Over TikTok Ban Prediction Market Resolution
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Polymarket, a crypto-powered prediction platform, is under scrutiny from its users after the contentious resolution of a market predicting whether TikTok would be banned in the United States before May 2025. The market, which attracted $120 million in trading volume, was resolved to 'Yes' on January 20 after the U.S. Supreme Court upheld a law banning the app due to national security concerns. The controversy stems from the timing and interpretation of the ban. On January 19, TikTok began displaying a notice to U.S. users stating the app would no longer be accessible, coinciding with the Supreme Court’s decision. The Biden administration justified the ban, citing ByteDance, TikTok’s Chinese parent company, as a national security threat.
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