UK urged to act as Polymarket takes bets on whether HSBC and Lloyds will fail
News Source
β’Sat, 03 Oct 2026 08:00:53 GMT
π° What Happened
The prediction market Polymarket has taken bets on whether big banks will fail. Users have placed about $77,507 on whether HSBC and Lloyds will go under by the end of the year. Bets also cover other major banks.
UK authorities are being urged to step in. The bets suggest some expect trouble in global banking. Critics say this is dangerous.
π The Backstory
Polymarket lets people bet on many events, from sport to world news. People in the UK, US, Canada, and EU are barred from its offshore platform. But punters from about 150 other countries can still take part.
The UK's Financial Conduct Authority says it has been talking to other regulators about prediction markets.
π― Why It Matters
People betting on a bank failure could profit from real financial chaos. That worries regulators who protect the money system.
The prediction market Polymarket has taken bets on whether big banks will fail. Users have placed about $77,507 on whether HSBC and Lloyds will go under by the end of the year. Bets also cover other major banks.
UK authorities are being urged to step in. The bets suggest some expect trouble in global banking. Critics say this is dangerous.
Polymarket lets people bet on many events, from sport to world news. People in the UK, US, Canada, and EU are barred from its offshore platform. But punters from about 150 other countries can still take part.
The UK's Financial Conduct Authority says it has been talking to other regulators about prediction markets.
People betting on a bank failure could profit from real financial chaos. That worries regulators who protect the money system.