The encrypted prediction platform Polymarket returns to the US market, investing $112 million to acquire the licensed exchange QCX.

The cryptocurrency prediction platform Polymarket, which was forced to withdraw from the US market due to regulatory issues in the past, is now re-entering the US market. Informed sources revealed that Polymarket is investing $112 million to acquire a low-profile derivatives exchange called QCX, enabling it to return in compliance. This move comes just weeks after US prosecutors officially ended their investigation into Polymarket. Headquartered in New York and founded by Shayne Coplan, the platform allows users to bet on future events through a "prediction market" mechanism. The platform experienced explosive growth in 2024, especially during the US presidential election, attracting a large number of users to bet on whether Trump could return to the White House, with trading amounts reaching millions of dollars. According to informed sources, the US Department of Justice and the Commodity Futures Trading Commission (CFTC) formally notified Polymarket earlier this month that they would end their investigation. The previous investigation focused on whether the platform violated a settlement agreement reached with the CFTC in 2022, in which Polymarket had promised to prohibit US users from accessing its services because the platform was not registered with the CFTC. This change of heart is also seen as another sign of a shift in the stance of US regulatory agencies towards the cryptocurrency industry under the backdrop of the return of the Trump administration. In recent years, during the Biden administration, the US has tightened regulations on digital asset companies, but now with changes in the political landscape, related restrictions are beginning to loosen. Polymarket's key move this time is the acquisition of QCX for $112 million, a derivatives trading platform that applied for registration with the CFTC in 2022 and officially received approval to operate on July 9, 2025. With QCX's compliance license, Polymarket will be able to reopen to US users legally. A spokesperson for Polymarket has confirmed the acquisition transaction, while a representative from QCX has declined to comment, and the CFTC has not responded to media inquiries. Initially active in overseas markets, Polymarket gained significant attention during the 2024 US presidential election, with its advertising campaigns at the Republican National Convention and in New York City. Users could view probabilities of various predictions on the platform and participate in trading. This new form of market, between information prediction and financial speculation, attracted a lot of interest from the public, even introducing many to the concept of the "cryptocurrency prediction market" for the first time. Although this acquisition allows Polymarket to achieve a "compliant rebirth" at the technical level, prediction markets are still in a regulatory grey area in the US. While the CFTC nominally regulates similar derivative trading, there is still widespread debate on whether prediction contracts constitute "speculative instruments". Additionally, challenges such as how exchanges verify user identities, protect investor rights, and prevent money laundering also pose challenges for the platform.