Polymarket to re-enter US market following regulatory clearance

Key Points

1. Polymarket acquired QCX, a derivatives exchange, for $112 million to gain regulatory approval from the CFTC and operate legally in the US.

2. The platform had previously blocked US users in 2022 due to regulatory scrutiny over unregistered operations.

3. The acquisition reflects a broader political shift and pressure for clearer crypto regulations in the US.

4. Polymarket gained traction in 2024, particularly around election betting, becoming a cultural flashpoint.

5. The CFTC has not yet publicly commented on the deal, but it is expected to allow Polymarket to offer prediction markets to US users.