Polymarket, the crypto-native prediction market that gained industry-wide attention last year, is preparing to officially reopen in the U.S. as early as November, Bloomberg reported on Tuesday.
Trading will be launched with limited user access and initially focused on sports-related markets. Polymarket officially cut off access to the US in 2022 after settling charges with the Commodity Futures Trading Commission (CFTC), which fined the company $1.4 million and agreed to block US-based users for operating an unregistered derivatives platform.
Since the settlement, it has operated offshore while continuing to build a user base with crypto-based prediction markets for everything from elections to celebrity trials. Individuals in the United States could still bet on Polymarket using a virtual private network.
Earlier this year, Polymarket acquired QCX, a company with both exchange and clearinghouse licenses, from the CFTC. The acquisition clears the way for the company to operate legally in the United States following the conclusion of federal investigations by both the CFTC and the Department of Justice.
Unlike competitors such as Kalshi and Trump Media’s recently announced Truth Social prediction platform, Polymarket runs entirely on blockchain infrastructure and uses cryptocurrencies (primarily stablecoins) for transactions. The planned native token will directly link the platform’s growth to the crypto ecosystem, but details of its functionality and regulatory structure have not been made public.
