Crypto-betting platform Polymarket is set to return to the U.S. market after federal regulators closed investigations and it struck a deal to acquire derivatives exchange QCX.
Polymarket to Re-Enter US Market After Acquiring Regulated Exchange QCX
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The Justice Department and Commodity Futures Trading Commission (CFTC) formally notified Polymarket this month that probes examining whether it improperly allowed U.S.-based traders post-2022 settlement were closed. To gain legal re-entry, New York-based Polymarket, founded by Shayne Coplan, agreed to pay $112 million to buy QCX, according to people familiar with the matter, Bloomberg reported. QCX received CFTC approval to operate on July 9; Polymarket confirmed the acquisition while QCX declined comment. The platform, which surged in popularity during the 2024 U.S. presidential election with wagers on Donald Trump’s potential return, was previously forced offshore by regulators and settled with the CFTC in 2022 over operating unregistered facilities accessible to U.S. users.
