Americans Forced to Close Their Intrade Accounts

“Intrade decided all its U.S. customers must now close their accounts and withdraw their money from the site.   Why did the American government sue Intrade? It was not for operating an online gambling operation, but for allegedly violating America’s incomprehensible financial regulations.  The government says that many of the things Intrade allows people to predict – everything from what the price of gold will be in the future to whether the U.S. will go to war soon – are legally considered ‘commodity options,’ and that Intrade broke the law because it isn’t licensed to trade those. The penalty is $140,000 per violation.”

http://www.economicpolicyjournal.com/2012/11/americans-forced-to-close-their-intrade.html

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