Polymarket Buys Crypto Exchange, Opening Door To US Return

Just days after the DoJ and CFTC dropped their investigations into Polymarket, the crypto-based prediction market has struck a deal that could herald the company’s official return to the US market.

As Bloomberg reports, the predictions marketplace is buying a little-known derivatives exchange called QCX, that will allow Polymarket to legally re-enter the US, according to people with knowledge of the matter.

Polymarket will pay $112 million to acquire QCX, one of the people said, asking not to be identified as the information isn’t public.

QCX applied for CFTC licensing in 2022 and only got the regulator’s blessing to operate on July 9.

A spokesperson for Polymarket confirmed the acquisition.

The move will formally open the betting site to US users after its surging popularity in 2024 when users placed millions of dollars of wagers on President Trump returning to office.

Just this week they launched their first look at 2028 Presidential Odds