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UK urged to intervene as Polymarket bets on HSBC and Lloyds failures
The report says Polymarket allowed $77,507 of positions on whether major banks would fail by the end of the year, including HSBC and Lloyds.
The Guardian Business reports that UK authorities are being urged to act after it emerged that the online prediction market Polymarket has taken thousands of dollars in bets about whether major banks including HSBC and Lloyds will fail.
According to the outlet, users have been allowed to build $77,507 (£58,530) worth of positions tied to whether the world’s biggest banks would go under by the end of this year.
The story says Polymarket is US-owned and runs an offshore platform that residents from the UK, US, Canada and the EU are banned from betting on, while coverage discussed includes positions involving banks such as JP Morgan and BNP Paribas alongside HSBC and Lloyds Banking Group.