InTrade: Shut Down!

by at . Comments

InTrade has been shut down, pending an investigation of its practices.

The online betting site announced the move in a statement, citing "circumstances recently discovered that may include financial irregularities."

Users will not be able to withdraw money from their accounts.

InTrade Logo

Ireland-based Intrade allows users to place bets on future events by buying and selling contracts in a similar way to how financial markets operate.

Users can bet on everything from who will win the 2016 presidential election, to who be the next Pope to how much snow will fall in a given winter.

It is favored by academics and journalists who often use the site's odds as indications of public sentiment, particularly when it comes to elections.

"With sincere regret we must inform you that due to circumstances recently discovered we must immediately cease trading activity," Intrade said.

"These circumstances may include financial irregularities. During the upcoming weeks, we will investigate and determine the necessary course of action."

The company did not elaborate, and its future is uncertain.

In November Intrade suffered a severe blow to its business when regulators forced it to suspend all trading in the United States - its biggest market.

The US Commodity Futures Trading Commission (CFTC) filed a lawsuit against the company, founded in 1999, arguing that it violated US trading laws.

Tags: ,
Like Us On Facebook

More From The Hollywood Gossip

Erin-corwin-missing

Erin Corwin, Missing Pregnant Marine Wife, Still Shrouded in Mystery as Investigation Continues

Erin Corwin, 19, went missing more than four weeks ago, and mystery continues to surround the pregnant Marine wife's disappearance.
Princess-marks-mug-shot

Mom Leaves Kids in Car to Hook Up With Man Across Parking Lot, Gets Arrested

Princess Marks, 25, took her two kids out in the middle of the night for a parking lot hookup with a guy. Police saw them and she was arrested.
Zayn-malik-concert-pic

Zayn Malik Tweets Support of Palestine, Receives Death Threats Online

Zayn Malik has Tweeted #FreePalestine. But the singer isn't backing down from his stance.
Sarah-palin-channel

Sarah Palin Launches Sarah Palin Channel, Public Cheers/Shrugs/LOLs

Sarah Palin is launching the Sarah Palin Channel. No word if you can see it in Russia.

Avatar

the smart ones are behind the site itself....