The popular online gambling site Intrade has told Americans to close their accounts after U.S. regulators charged it with “facilitating bets on future economic data, the price of gold and even acts of war.”
Hours after the Commodity Futures Trading Commission filed a complaint in federal court, Intrade posted in its user forum and on its news page that it could no longer allow U.S. residents to trade “due to legal and regulatory pressures. U.S. residents must begin closing their accounts and withdrawing their funds immediately, the website said. It said customers must resolve open predictions by Dec. 23 or the site would assign them “fair market value” and close them. The CFTC’s civil complaint charged that Intrade and its operator solicited customers to trade investment contracts that technically are options. Options must be traded on approved, regulated exchanges.
(Tipped by JMG reader Ray)