Polymarket Faces Backlash After TikTok Market Decision
Polymarket came under fire after claiming that its prediction market confirmed the TikTok ban. Users accused the platform of manipulation and raised concerns about the transparency of its dispute resolution process.
On this page
Polymarket, a cryptocurrency-based prediction platform, received negative reviews following a market decision regarding the potential ban of TikTok in the U.S.
The market question “TikTok banned in the US before May 2025?” was closed with a “Yes” result on January 20, 2025. This was based on a U.S. Supreme Court ruling that upheld a law banning the app due to national security concerns.
Many platform users expressed dissatisfaction with the outcome. They believe the results may have been intentionally skewed and questioned the transparency of the process.
The prediction market, with a trading volume of $120 million, centered around the question of whether TikTok would be banned in the U.S. by May 2025. On January 19, the ban took effect, and TikTok users received a notification that the app was no longer accessible.
The Biden administration explained the ban by stating that TikTok’s parent company, ByteDance, posed a national security threat by collecting user data for an identified foreign adversary (likely referring to China).
However, just a day later, TikTok announced that the app would remain available for another 75 days. This was made possible by the intervention of President Donald Trump, who suspended the ban to allow negotiations with ByteDance over a potential deal.
This turn of events left many Polymarket users puzzled. They argued that TikTok hadn’t been banned, as it was still operational for the majority of Americans.
TikTok Ban and Polymarket Users' Reactions
A Polymarket user, Sky, raised concerns about the platform's operations, questioning the decision made regarding TikTok. He pointed out that the ban had not actually been enforced, as the app continued to be available to most Americans, and that President Trump had extended its availability live on air.
Sky expressed confusion about why the prediction market was set at 99% in favor of “Yes” when the ban had not been fully implemented.
He reminded others that, according to the platform’s rules, the market should have resolved as “Yes” only if the ban, approved by federal law, policy, or the U.S. judicial system, had come into effect by the set deadline of April 30, 2025.
Sky also voiced his dissatisfaction with the decision being made before the deadline, suggesting it could indicate manipulation on the platform.
Another user, Spot, called the decision “disgusting” and accused the platform of fraud. In response, a petition was launched demanding accountability from those believed to have manipulated the prediction market regarding TikTok. However, the petition gathered fewer than 100 signatures.
The content on The Coinomist is for informational purposes only and should not be interpreted as financial advice. While we strive to provide accurate and up-to-date information, we do not guarantee the accuracy, completeness, or reliability of any content. Neither we accept liability for any errors or omissions in the information provided or for any financial losses incurred as a result of relying on this information. Actions based on this content are at your own risk. Always do your own research and consult a professional. See our Terms, Privacy Policy, and Disclaimers for more details.
Articles by this author
