Business

Online betting site halts trading

The online betting site Intrade announced late Sunday that it had halted trading and frozen customer accounts after the company said it had discovered potential financial irregularities.

The firm, which is based in Dublin and allowed consumers to bet on world events like the pending selection of a new pope, already has faced scrutiny from regulators.

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In November, Intrade shut its website to US residents when the Commodity Futures Trading Commission filed a civil complaint accusing the company of offering the contracts outside traditional exchanges and without regulatory approval.

A spokesman for the Central Bank of Ireland said local regulators were not involved in the most recent problems confronting Intrade because the company was not regulated by the Irish central bank.

New York Times

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