Polymarket Returns to U.S. Market with $112M Acquisition of Licensed Exchange QCEX

^{Pictured: Shayne Coplan, CEO of Polymarket}

The cryptocurrency platform Polymarket is preparing to return to the U.S. market following a deal to acquire the derivatives exchange QCEX, reports Gambling News.

Back in 2022, Polymarket agreed to cease serving U.S. customers and paid a $1.4 million fine for operating without the required local license. In the subsequent years, Polymarket continued to encounter regulatory hurdles in the U.S. For example, last year federal agents conducted searches at the New York home of the company’s CEO, Shayne Coplan, due to suspicions of the platform potentially influencing the U.S. presidential election campaign in 2024.

Additionally, multiple U.S. states have periodically initiated investigations into Polymarket over allegations of illegal betting activities conducted without proper licensing.

However, these issues may soon be a thing of the past. According to media reports, Polymarket has found a pathway toward legalization in the U.S. market.

The company is acquiring QCEX, a derivatives exchange licensed by the Commodity Futures Trading Commission (CFTC), in a deal valued at $112 million.

“With the acquisition of QCEX, we are laying the groundwork to bring Polymarket home—back into the U.S. market as a fully regulated and compliant platform,” stated Shayne Coplan, CEO of Polymarket.