Amid the rise of prediction platforms such as Kalsi, Polymarket looks ready to re-enter the American marketplace.
Polymarket was banned from operating in the US in 2022 following a settlement with the Commodity Futures Trading Commission (CFTC).
The platform, which refers to itself as the “world’s largest prediction market,” revealed this week that it acquired derivatives exchange QCX and clearinghouse QC Clearing LLC (known collectively as QCEX) for $112 million.
QCEX currently has a license from the CFTC, meaning Polymarket is now eligible to offer legal prediction markets in the US once again.
In control of a license
Regulators decided to ban Polymarket after they concluded the platform acted as an unregulated betting handler with a specialty in political markets. A recent investigation by the Department of Justice that examined Polymarket's operations and adherence to the ban found no wrongdoing.
Polymarket founder and CEO Shayne Coplan said Monday that Polymarket is looking to get back up and running in the US.
“Demand is greater than ever – not just in user growth and trading volume, but in how mainstream audiences are turning to Polymarket to separate signals from noise, bias, and speculation. Now, 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 allow Americans to trade their opinions.”
Despite being unable to offer betting markets in the US, Polymarket’s popularity surged during the last election cycle.
The company also reported that its global trading volume reached $6 billion across political, pop culture, and sports markets.
Sergei Dobrovolskii, founder of QCEX, said his company’s recent growth, combined with Polymarket’s following, should lead to a promising future.
“When we began the process to obtain our DCM & DCO licenses over four years ago, the prediction market was in its infancy. But we have long believed in its potential to change the way people access and understand information and express their views on that information. Shayne has built a cultural phenomenon in Polymarket. I am excited to bring our companies together and leverage our licenses, technology, and expertise in the retail trading sector to help Polymarket reach its full potential.”
What’s on the horizon?
Prediction platforms have been subject to recent controversy because of their sports offerings.
Kalshi has spearheaded a group of platforms that offer sports event contracts, which allow users to purchase contracts associated with various outcomes. Numerous state regulators have argued that these platforms circumvent state regulation and act as unlicensed sportsbook operators, while the platforms have said they are in line with the CFTC’s regulations and do not need to report to state regulators.
The ongoing debate is significant for Polymarket, which has already drawn the ire of regulators.
Notably, Polymarket also has a “Polymarket Sports” page with nearly 19,000 followers on X. However, in its release, Polymarket did not mention that it had accepted any wagers on sports events in 2025.
In other news, Polymarket in June announced it reached a partnership with the Elon Musk-owned X and its AI chatbot Grok, which will give Polymarket’s users “contextualized, data-driven insights.”