CoinVoice has recently learned that, according to sources cited by Bloomberg, the cryptocurrency prediction platform Polymarket is acquiring a small derivatives exchange named QCX, a move that will allow Polymarket to legally re-enter the U.S. market.
During the 2024 U.S. presidential election, the platform gained prominence as users placed millions of dollars in bets on Trump returning to the White House, and this acquisition will officially reopen it to U.S. users.
Earlier this month, this New York company, operated by Shayne Coplan, officially received notification from the U.S. Department of Justice and the Commodity Futures Trading Commission (CFTC) that both agencies had concluded their investigation into Polymarket. Previously, regulators were investigating whether the company violated a settlement agreement reached with the CFTC in 2022, at which time Polymarket had promised to block U.S. users due to its lack of relevant registration qualifications. This policy reversal is the latest example of U.S. authorities overturning the regulatory stance on digital asset companies from the Biden era against the backdrop of the Trump administration's push for the development of the cryptocurrency industry.
A source who wished to remain anonymous said that Polymarket will acquire QCX for $112 million. QCX applied for a license with the CFTC in 2022 and was not granted permission to operate until July 9 of this year. A Polymarket spokesperson confirmed the acquisition.
