The company, which runs a crypto-based website that lets people bet on the outcome of events such as elections and sports games, has acquired U.S. Commodity Futures Trading Commission-licensed exchange and clearinghouse QCEX for US$112 million. (The Logic)
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The company, which runs a crypto-based website that lets people bet on the outcome of events such as elections and sports games, has acquired U.S. Commodity Futures Trading Commission-licensed exchange and clearinghouse QCEX for US$112 million. (The Logic)
Talking point: The company is “laying the foundation to bring Polymarket home” and expand Americans’ access to the platform by purchasing the exchange, CEO Shayne Coplan said in a release. The acquisition gives Polymarket a CFTC licence, the lack of which was a sticking point when the regulator barred Polymarket from accepting trades from U.S. users in 2022. The U.S. Department of Justice and CFTC reportedly recently shut down investigations into whether Polymarket had violated that agreement during the 2024 presidential election campaign, when its popularity surged. Polymarket banned Ontario residents in April as part of a settlement agreement with the province’s securities regulator.
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