Embattled betting website Intrade has shut down all trading, wealth.net reports.The Irish company was sued by the CFTC in November for allegedly violating a 2007 agreement not to allow customers to trade commodities like oil and gold. The suit also accused Intrade of soliciting customers to buy options on future events.
After the suit was filed Intrade said that it did not spell the end of its business in the United States.
Now the entire trading operation has been shut down.
Here’s the message Intrade put on its website for customers this weekend:
With sincere regret we must inform you that due to circumstances recently discovered we must immediately cease trading activity on www.intrade.com.
These circumstances require immediate further investigation, and may include financial irregularities which in accordance with Irish law oblige the directors to take the following actions:
- Cease exchange trading on the website immediately.
- Settle all open positions and calculate the settled account value of all Member accounts immediately.
- Cease all banking transactions for all existing Company accounts immediately.
During the upcoming weeks, we will investigate these circumstances further and determine the necessary course of action.
To mitigate any further risk to members’ accounts, we have closed and settled all open contracts at fair market value as of the close of business on March 10, 2013, in accordance with the Terms and Conditions of our customers’ use of the website. You may view your account details and settled account balances by logging into the website.
At this time and until further notice, it is not possible to make any payments to members in accordance with their settled account balance until the investigations have concluded.
The Company will continue the maintenance and technology operations of the exchange system so that all information is preserved properly.
We are not able to provide telephone support or live help services at this time, please contact the company by email at: [email protected]
We appreciate your custom and support over the years. We are committed to reporting faithfully the status of things as they are clarified and hope you will bear with us as we do all we can to resume operations as promptly as possible.
The Board of Directors of Intrade the Prediction Market Limited
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.