Polymarket, a crypto-centric prediction market that gained prominence last year, is set to officially relaunch in the U.S. as early as November, according to a report from Bloomberg.
The trading will commence with limited user access, initially concentrating on sports-related markets. Polymarket halted U.S. access in 2022 after resolving charges with the Commodity Futures Trading Commission (CFTC), which imposed a $1.4 million fine for operating an unregistered derivatives platform and required the company to block users based in the U.S.
Since then, it has functioned offshore while steadily expanding its user base with crypto-focused prediction markets, covering topics from elections to celebrity trials. U.S. individuals could still wager on Polymarket through virtual private networks.
Earlier this year, Polymarket acquired QCX, a company possessing exchange and clearinghouse licenses from the CFTC. This acquisition paves the way for legal operation in the U.S., marking a significant shift after federal inquiries from both the CFTC and the Justice Department concluded.
Unlike its competitors like Kalshi or the newly introduced Truth Social prediction platform from Trump Media, Polymarket operates entirely on blockchain technology and employs crypto—primarily stablecoins—for trading. Its anticipated native token aims to align platform growth with the crypto ecosystem, although details concerning its functionality or regulatory framework remain undisclosed.
