Blockchain-Based Polymarket Eyes U.S. Comeback by November: BBG

Polymarket, the crypto-native prediction market which brought attention to that entire segment of the industry last year, is preparing to formally relaunch in the U.S. as soon as November, Bloomberg reported Tuesday.

Trading would begin with limited user access and a focus initially on sports-related markets. Polymarket officially shut off U.S. access in 2022 after settling charges with the Commodity Futures Trading Commission (CFTC), which fined the company $1.4 million for running an unregistered derivatives platform and had it agree to block U.S.-based users.

Since the settlement, it’s operated offshore while continuing to build its user base with crypto-based prediction markets ranging from elections to celebrity trials. Individuals in the U.S. were still able to place bets on Polymarket through the use of virtual private networks.

Earlier this year, Polymarket acquired QCX, a firm with both exchange and clearinghouse licenses from the CFTC. That acquisition gives it a path to operate legally in the U.S. — a critical pivot after federal investigations from both the CFTC and the Justice Department were closed.

Unlike competitors such as Kalshi or the recently announced Truth Social prediction platform from Trump Media, Polymarket runs entirely on blockchain infrastructure and uses crypto — primarily stablecoins — for trading. Its planned native token would tie platform growth directly to the crypto ecosystem, though details on its function or regulatory structure have not been released.