The Capital Markets Tribunal approved a settlement agreement Monday morning between the Ontario Securities Commission and the companies that operate the crypto-based betting platform. Polymarket gained prominence during the 2024 U.S. presidential election for letting users wager on real-world events like who the next Canadian prime minister will be, or whether the U.S. will face a recession this year. (The Logic)

Talking point: The OSC disclosed it had settled with Polymarket’s operators earlier this month. As part of the settlement, Polymarket admitted it offered binary options—contracts where investors bet on the performance of an underlying asset within a period of time—to Ontario residents from 2020 to 2023. Canada’s securities regulators banned binary options, which carry a high risk of loss and fraud, in 2017. Polymarket is now permanently banned in Ontario, but not other parts of the country. The same discrepancies between provinces often happened during Canadian regulators’ crackdown on crypto-trading platforms in the early 2020s.