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NPR went looking for Polymarket's Panama headquarters. It's elusive (www.npr.org)
submitted 6 months ago by to c/investigativejournalism@sh.itjust.works
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After the Biden administration cracked down on Polymarket for operating without a license in 2022, it wound down its U.S. business and set up shop in Panama, a country that has long been a popular tax haven for American firms looking for an off-shore subsidiary.

But when NPR recently visited the law office listed as its home base in Panamanian government documents, there was no sign of Polymarket, nor the entity it does business as in Panama, Adventure One QSS Inc.

Instead, a nondescript corporate lobby opened into a large space with about a dozen unoccupied computer stations positioned in the middle of the room. An office worker said the attorney who runs the firm, Mario García de Paredes, was not available. The worker had never heard of Polymarket or Adventure One.

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[–] 62 points 6 months ago (5 children)

That's because... It. Doesn't. Exist.

It's not elusive, it's just fake. They still do all their business in other countries like the USA, they don't actually have anyone hanging the fuck out in Panama. They just say it's in another country because it's a bunch of "oh well you can't prove it doesn't exist" malarkey every time. Panama is just one country that is very open to letting this happen.

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  • [–] 9 points 6 months ago (2 children)

    Aren’t there a ton of US companies that essentially share a mailroom as their address somewhere in New York to a similar effect? Why would NPR be surprised? I think someone wanted a vacation.

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    [–] 5 points 6 months ago

    I find this part just jaw dropping. Absolute corruption in plain sight

    "The Justice Department dropped its investigation into Polymarket. Donald Trump Jr., the president's son, became an adviser to the company and his venture capital firm, 1789 Capital, invested millions into Polymarket. Trump's regulators approved a deal allowing a separate version of Polymarket to re-enter the U.S. Administration officials invited Coplan to the White House for a roundtable on cryptocurrency."

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    [–] 1 point 6 months ago

    When the shell game stops all the money ends up in their pockets. Embezzlement at its finest.

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