Intrade shut down, won't reopen
The Dublin-based commercial prediction market INTRADE shut down in March 2013. As the Economist magazine reported in the article Bet lynched, INTRADE faced insolvency after legal issues and management issues arose during 2012. In November 2012, the US Commodity Futures Trading Commission (CFTC) sued INTRADE for allowing betting on the prices of products such as oil and gold. The CFTC considered the corresponding INTRADE contracts to be derivatives that are subject to its regulatory oversight. As a result of the lawsuite, INTRADE shut down operations in the United States in December 2012. In November 2013, INTRADE announced that all traders were to receive full repayment of their investments.
Posted Friday, December 20, 2013 at 13:00
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