PolyMarket, the crypto-native prediction market that captured the attention of an entire segment of the industry last year, is preparing to formally relaunch in the US in November, Bloomberg reported on Tuesday.
Trading will begin with limited user access and will initially focus on sports-related markets. PolyMarket officially closed US access in 2022 after settling charges with the Commodity Futures Trading Commission (CFTC), which fined the company $1.4 million for running an unregistered derivatives platform and made it agree to block US-based users.
Since the agreement, it has operated offshore while continuing to build its user base with crypto-based prediction markets ranging from elections to celebrity trials. Individuals in the US were still able to place bets on Polymarket through the use of a virtual private network.
Earlier this year, Polymarket acquired QCX, a firm with both exchange and clearinghouse licenses from the CFTC. The acquisition gives it a path to operating legally in the US – a significant pivot after federal investigations by both the CFTC and the Justice Department were closed.
Unlike competitors like Kalashi or Trump Media’s recently announced Truth Social Prediction platform, PolyMarket runs entirely on blockchain infrastructure and uses crypto – primarily stablecoins – for trading. Its planned native token platform will link development directly to the crypto ecosystem, although details on its function or regulatory structure have not been released.