Polymarket set to reenter US with $112M acquisition of QCEX derivitives exchange

Key Points

1. Polymarket acquired QCEX, a US-licensed derivatives exchange and clearinghouse, for $112 million to facilitate its reentry into the US market.

2. QCEX is based in Boca Raton, Florida, and is regulated by the Commodity Futures Trading Commission (CFTC).

3. Polymarket's trading volume surpassed $15 billion over the past year, according to Token Terminal.

4. Polymarket previously exited the US in January 2022 after settling charges with the CFTC and paying a $1.4 million fine for offering unregistered event-based binary options.

5. The US Department of Justice (DOJ) and CFTC are investigating whether Polymarket accepted trades from US-based users during its previous operation.