Prediction betting market Polymarket and its founder and CEO Shayne Coplan have found themselves at the center of a debate about political betting after the FBI reportedly raided Coplan’s home on Wednesday.

The FBI seized a cellphone and other electronic devices in a raid of Coplan’s New York City apartment early Wednesday, multiple media outlets reported, citing unnamed sources. Coplan turned over his devices and was not arrested or charged, according to the reports.

It was not immediately clear if he or Polymarket are targets of an investigation. The Justice Department declined to comment, and the FBI's national and New York offices said they cannot confirm or deny the reports.

The New York Times reported the raid was part of a probe by the FBI and the U.S. attorney’s office for the Southern District of New York into whether Polymarket was run as an unlicensed commodities exchange that allowed users in the United States to illegally place bets on its platform.

Neither prosecutors........

© The Hill