Quick overview

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Online betting platform Polymarket announced that it has finally returned to the US with the $112 million purchase of QCEX, a US-licensed derivatives exchange and clearinghouse.

 

QCEX’s website states that the Commodity and Futures Trading Commission (CFTC) oversees both the clearinghouse and the derivatives exchange.

Polymarket allowed users to trade on the outcomes of real events, like elections and sporting competitions.

Token Terminal reported the prediction platform’s trading volume exceeded $15 billion in the past year. Shayne Coplan, the founder and CEO of Polymarket, stated in a press release, “With the acquisition of QCEX, we are laying the foundation to bring Polymarket home — re-entering the US as a fully regulated and compliant platform that will enable Americans to trade their opinions.” According to Bloomberg, the US CFTC and DOJ have withdrawn their investigations into Polymarket.

The agencies reportedly wanted to determine whether Polymarket had accepted trades from users in the United States.  Polymarket exited the US in January 2022 after settling allegations that the platform sold event-based binary options without registering with the Commodity Futures Trading Commission (CFTC).

Polymarket agreed to prevent US users from accessing its markets and paid a $1.4 million fine. The company plans to reenter the US market alongside several well-known rivals. In May, the cryptocurrency exchange Crypto.com launched its prediction platform in the United States. Meanwhile, Kalshi has partnered with Robinhood, a retail investing platform, to offer a variety of prediction market contracts.