Polymarket Re-Enters US Market with $112M Acquisition of Derivatives Exchange QCX
Polymarket reclaims its US presence with a $112M acquisition of QCX, signaling a regulatory shift in favor of crypto prediction markets.
In a dramatic turn of events for the crypto betting space, Polymarket has officially announced its return to the US market after acquiring QCX—a small derivatives exchange and CFTC-licensed clearinghouse—for $112 million.
The move comes just weeks after federal prosecutors and the Commodity Futures Trading Commission closed separate probes into Polymarket, signaling a more favorable regulatory climate under the Trump administration.
A Deal That Changes Everything
The acquisition of QCX is not just a return — it’s a full-scale relaunch. The CFTC granted QCX a license on July 9, just days before Polymarket announced its intention to purchase the platform. This allows Polymarket to legally re-open to US users, years after being pushed offshore in a 2022 settlement that required it to block American traders.
“Polymarket has been preparing for this moment,” said a source familiar with the deal. “The QCX acquisition unlocks regulated access to one of the most active prediction markets in the world.”
From Political Wagers to Institutional Recognition
Polymarket gained fame during the 2024 US Presidential Election, as users wagered millions of dollars on outcomes such as Donald Trump’s return to office. Branded billboards flooded the Republican National Convention and New York City, making Polymarket a household name among politically-engaged digital natives.
Despite regulatory setbacks under the Biden administration, the Trump White House has reversed course, now welcoming crypto-based betting products with open arms — including sports and politics-themed contracts.
Regulatory Shift and Trump’s Crypto Boost
This isn’t just about one platform’s return. It marks a broader policy pivot. The Biden-era crackdown on crypto derivatives is giving way to Trump’s crypto-friendly stance, as seen in his nomination of Brian Quintenz as the new permanent head of the CFTC.
A former Republican commissioner and one-time policy lead at Andreessen Horowitz, Quintenz has earned recognition for his pro-crypto outlook. He’s also a board member at Kalshi, one of Polymarket’s competitors. His nomination is expected to further embolden the industry.
The Legal Loophole or a Strategic Play?
There’s speculation around whether the CFTC was aware of Polymarket’s plans when it approved QCX’s license earlier this month. However, once the regulator grants a license, it loses authority to intervene in post-approval mergers or acquisitions — a legal grey area that Polymarket may have strategically leveraged.
While QCX representatives have declined comment, the silence signals a tightly controlled operation, likely designed to minimize regulatory friction.
A Competitive Market Heats Up
Polymarket’s re-entry into the US places it in direct competition with regulated platforms like Crypto.com and Kalshi, both of which have been rolling out sports betting and derivative contracts to American users.
The Takeaway
Polymarket’s US comeback is more than just a business deal — it’s a symbol of the crypto industry’s return to American soil, backed by political support and legal structuring.
As the CFTC leadership changes and Washington’s tone toward crypto softens, prediction markets may no longer be fringe experiments but mainstream financial instruments.
