A message from iPredict
Over the past eight years, the team at Victoria Link has run New Zealand's only prediction market, iPredict. Following the announcement made last year, and an inability to bring the Ministry of Justice round to understanding our views on what would constitute a proportionate level of Anti-Money Laundering due diligence, we are forced to wind up operations in NZ. Our exemption from the FMA lapses at midnight on the 30th November, and as such all trading is hereby suspended effective immediately.
All stocks are closed at their current market values, and will be paid out at this price. While we appreciate that this is not the ideal outcome, we cannot wait for all contracts to resolve and the use of the current market price is the most equitable outcome for all users.
Users are requested to go ahead and withdraw their funds, which we will be processing on a first come first served basis. We require positive confirmation from users of their details and the accounts for repayments to be made to, so please ensure that you log into your account and request the withdrawal of your funds. If you have lost login details please follow the usual lost password process to reactivate your account.
All funds are held in Prediction Clearing and these funds cover all our obligations to traders. For those users who we cannot contact we will continue to hold their funds until they can be reached.
We are continuing to look into the possibility of transferring our prediction activities to be included on PredictIt in the US, and are hopeful that an agreement can be reached in the coming weeks. As soon as we are able to do so, further announcements will be made as to how and where iPredict users can get involved in PredictIt.
As an alternative we would be delighted if you chose to donate your remaining funds to further the beneficial research Victoria University of Wellington is conducting into prediction markets, or education research at the University.
- December 1, 2016