PolyMarket acquires small derivatives trading platform QCX to regain legal access to the US market

BlockBeats News, July 21—According to Bloomberg, citing sources familiar with the matter, cryptocurrency prediction platform Polymarket is acquiring a small derivatives exchange called QCX. This move will enable Polymarket to legally re-enter the U.S. market.

During the 2024 U.S. presidential election, the platform gained widespread attention as users wagered millions of dollars on Trump’s return to the White House. With this acquisition, Polymarket will officially reopen to U.S. users.

Earlier this month, the New York-based company operated by Shayne Coplan formally received notice from the U.S. Department of Justice and the Commodity Futures Trading Commission (CFTC) that both agencies had concluded their investigations into Polymarket. Regulators had previously been investigating whether the company violated a 2022 settlement agreement with the CFTC—in which Polymarket had agreed to block U.S. users due to a lack of proper registration. This policy reversal is the latest example of U.S. authorities overturning the Biden-era regulatory stance on digital asset companies, amid the Trump administration’s push to advance the crypto industry.

According to a source who requested anonymity, Polymarket will acquire QCX for $112 million. QCX applied for a license from the CFTC in 2022 and was only approved to operate on July 9 of this year. A Polymarket spokesperson has confirmed the acquisition.