TechFlow news, October 2 — According to Decrypt, prediction market Polymarket is set to reopen to U.S. users, after being effectively banned by the U.S. Commodity Futures Trading Commission (CFTC) for nearly four years. Regulatory filings indicate the platform could open as early as tomorrow.
Polymarket acquired QCX LLC for $112 million (now renamed Polymarket US). Through this acquisition, Polymarket obtained a Designated Contract Market license, enabling it to self-certify markets for U.S. users.
After completing the acquisition, Polymarket had to wait several weeks for the U.S. Commodity Futures Trading Commission (CFTC) to issue a no-action letter stating it would not take enforcement action over alleged violations of "swap data reporting and recordkeeping requirements." The letter reached Polymarket in the first week of September, when CEO Shayne Coplan said it amounted to giving the company a "green light to launch in the U.S."
