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Breaking: Polymarket Reenters US Market With Exchange Acquisition As Probe Ends
Crypto-betting platform Polymarket is set for a return to the US following the first flashes of regulatory greenlights. To smooth its reentry into the US, Polymarket is nearing the acquisition of QCX, a derivatives exchange.
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Polymarket To Buy Exchange To Facilitate US Return
According to a Bloomberg report, Polymarket has reached a deal with authorities to set up shop in the US again after nearly three years. The report notes that Polymarket is closing down on the acquisition of a derivatives exchange named QCX to facilitate its return to the country.
A formal announcement of the acquisition will reintroduce Polymarket to US residents, barring any regulatory stumbling block. Unnamed sources claim that Polymarket is lining up a $112 million bid to acquire QCX, but the exact status of the deal remains unclear.
The move comes barely a week after the CFTC and the US DOJ ended their probe against Polymarket. The little-known QCX applied for CFTC licensing back in 2022 but only clinched regulatory approval on July 9.
This is a developing story.
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