Polymarket buys QCX for US$112 million to regain US access
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The news: Polymarket, the crypto-based prediction market that had been blocked by US regulators, will return to the US after acquiring a little known derivatives exchange and clearinghouse QCX for USD112 million.
The context: Polymarket was previously blocked in the US following a 2022 CFTC settlement over unregistered activity. Despite that, many US users continued accessing the platform.
The deal comes weeks after the Justice Department and the CFTC reportedly closed their investigations into whether Polymarket had violated that settlement.
While the Biden administration sought to crack down on sports and politics-themed betting contracts, the Trump White House has taken a far more welcoming stance toward financial products that previously raised regulatory concerns.
What they said: Polymarket said the acquisition “marks a significant step toward expanding access” in the US with “regulatory clarity and confidence”.
The sources: Polymarket, Bloomberg
