INTRADE: US Residents Should Begin Closing Down Their Accounts Immediately

The CFTC is suing popular betting site Intrade.  And now Intrade is telling its customers to start shutting down their accounts.  From Intrade (via TPM):

ATTENTION U.S. CUSTOMERS - IMPORTANT!

We are sorry to announce that due to legal and regulatory pressures, Intrade can no longer allow US residents to participate in our real-money prediction markets.

Unfortunately this means that all US residents must begin the process of closing down their Intrade accounts. We strongly urge you to begin this process immediately:

Step 1: Close out open predictions

You must close out all open predictions before 8:00am GMT (3:00am ET) on December 23, 2012. Instructions on how to close out an open prediction can be found HERE.  If this is not done then by the deadline noted above, Intrade will close out your predictions for you at what we consider to be fair market value as of the daily session close of December 23, 2012….

Step 2: Withdraw funds

Members have until December 31, 2012, to withdraw all funds from their account.....

Read more: http://www.businessinsider.com/intrade-us-residents-should-close-accounts-2012-11