Polymarket gained significant traction in 2024 with political bets, such as predicting presidential outcomes
The American crypto-based prediction platform, Polymarket, which federal regulators banned for US users in 2022, announced Monday that it is returning to the country by acquiring derivatives exchange QCX for $112 million.
Buying QCX, which has recently secured a Commodity Futures Trading Commission (CFTC) license, will enable Polymarket to offer legal, regulated prediction contracts in the US.
It will join rival Kalshi in offering bets on domestic and global events.
The move follows the DOJ and CFTC dropping investigations into whether Polymarket had violated its earlier settlement by allowing US traders on its platform. The timing aligns with broader pro-crypto policy shifts under the Trump administration.
Polymarket gained significant traction in 2024 with political bets, such as predicting presidential outcomes.
Experts say its re-entry could especially shake up the sports betting scene dominated by sportsbooks like DraftKings.
US users can expect a fully legal way to trade their takes on politics, sports, and more soon.