Cryptocurrency-based prediction platform is re-entering the U.S. market after acquiring a CFTC-regulated derivatives exchange, CEO Shayne Coplan said on Monday.
What Happened: Coplan announced via x that Polymarket has purchased the holding company of QCEX, a licensed derivatives exchange and clearinghouse for $112 million.
“This paves the way for us to welcome American traders again,” Coplan said. “I’ve waited a long time to say this: Polymarket is coming home.”
A notice on Polymarket’s U.S. website indicated that the platform is preparing for launch and will be available to traders soon.
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Why It Matters: The announcement comes after a series of events that had previously hindered Polymarket’s operations in the country. In November 2024, the FBI raided Coplan’s home as part of a Justice Department investigation into allegations that the Polygon (CRYPTO: POL-based prediction platform allowed U.S.-based users to place bets in violation of regulatory agreements.
However, the tide turned in its favor after federal authorities, now under President Donald Trump, closed the Joe Biden-initiated probes into the company, reflecting a broader shift in U.S. regulatory posture toward digital assets.
The platform rose to prominence during last year’s election season, with over $3 billion wagered on the outcome of the presidential race between Trump and Kamala Harris. The platform accurately predicted Trump’s victory, but concerns about foreign influence and market manipulation dominated headlines.
Notably, Coplan attended the first-ever White House Crypto Summit earlier this year, an intimate gathering of prominent figures from the cryptocurrency sector.
Photo Courtesy: T. Schneider on Shutterstock.com
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