Polymarket, the Crypto-Native Prediction Market that brought attention to the entire industry segment last year, is preparing to formally revive in the US as soon as November, Bloomberg reported on Tuesday.
Trading will begin with limited user access and a focus initially on sports-related markets. Polymarket officially closed access to the US in 2022 after settling charges with the Commodity Futures Trading Commission (CFTC), which fined the company $1.4 million for operating an unregistered derivatives platform and it agreed to block US-based users.
Since the settlement, it has been operating offshore while continuing to build its user base with crypto-based prediction markets from elections to celebrity quizzes. Individuals in the US are still able to place bets on the polymarket by using a virtual private network.
Earlier this year, Polymarket acquired QCX, a firm with both exchange and clearing licenses from the CFTC. That acquisition provides a path to operate legally in the US – a critical pivot after federal investigations from both the CFTC and the Justice Department were closed.
Unlike competitors like Kalshi or the recently announced reality prediction platform from Trump Media, polymarket runs entirely on blockchain infrastructure and uses crypto – mainly StableCoins – for trading. The planned native token will tie the platform’s growth directly to the crypto ecosystem, although details on functionality or regulatory structure have not been released.
