Polymarket Set to Reenter US After $112M Acquisition of QCEX
Polymarket acquired QCEX, a US-licensed derivatives exchange and clearinghouse, for $112 million, enabling its return to the US after over two years. QCEX, located in Boca Raton, Florida, operates under the oversight of the Commodity Futures Trading Commission (CFTC). Polymarket is a decentralized prediction market platform allowing users to trade on real-world event outcomes, with over $15 billion in trading volume in the past year. The US Department of Justice and CFTC have dropped investigations into Polymarket regarding trades from US users. Polymarket exited the US in January 2022 after settling charges with the CFTC and paying a $1.4 million fine. Competitors include Crypto.com and Kalshi, which have launched prediction platforms in the US. Kalshi raised $185 million at a $2 billion valuation, while Polymarket raised $200 million at a $1 billion valuation. Prediction markets face pushback from gambling institutions and sports leagues.
