Polymarket Eyes US Return via $112 Million Crypto Exchange Acquisition
Polymarket acquired the derivatives exchange QCX for $112 million, enabling its return to the U.S. as a regulated platform under the Commodity Futures Trading Commission (CFTC). The acquisition includes QC Clearing, a CFTC-regulated clearinghouse. This move follows the conclusion of investigations by the U.S. Department of Justice and CFTC into Polymarket's previous operations, which had faced scrutiny for allowing U.S. users. Despite blocking U.S. access in 2022 after a settlement with the CFTC, Polymarket gained prominence during the presidential election, achieving a record trading volume of $2.6 billion in November. The platform has faced criticism over market resolutions, including a $237 million dispute regarding Ukrainian President Zelenskyy. Polymarket plans to collaborate with X, Musk's social media platform, to enhance user experiences and integrate prediction tools.
