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Polymarket Receives CFTC Approval, Set to Return to the U.S. Market
BlockBeats News, September 4th, according to The Information report, the world's largest prediction market Polymarket has received approval from the U.S. Commodity Futures Trading Commission (CFTC) to soon re-enter the U.S. market, as announced by its CEO and founder Shayne Coplan in a tweet on Wednesday. The platform, founded in 2020, was previously accused by the CFTC of operating an unregistered derivatives market, and in 2022 reached a settlement with U.S. users and ceased operations.
On Wednesday, the CFTC issued a "no-action letter" to Polymarket regarding the U.S.-registered exchange and clearinghouse QCEX, which Polymarket acquired for $112 million in July this year, allowing it to offer prediction market services for events such as elections, while also granting relief from certain recordkeeping requirements. Polymarket did not disclose a specific timeline for its return.
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