Polymarket Re-enters US with $112M QCX Acquisition
Polymarket, the crypto-powered prediction market giant, is back in the U.S. game after snapping up Florida-based QCX, a CFTC-licensed derivatives exchange, for $112 million. This move, hot on the heels of cleared DOJ and CFTC probes, sets the stage for Polymarket to legally serve American users again, three years after a $1.4 million fine forced it to block them.
A Legal Lifeline via QCX
The $112 million acquisition of QCX (also known as QCEX), which includes QCX, LLC and QC Clearing, LLC, gives Polymarket a regulatory green light to operate in the U.S. QCX’s CFTC approval, secured on July 9, 2025, hands Polymarket a ready-made framework to bypass years of bureaucratic red tape. Polymarket’s Founder and CEO Shayne Coplan said, “We are laying the foundation to bring Polymarket home,” signaling a swift return to U.S. markets.
The deal follows the DOJ and CFTC dropping investigations into whether Polymarket violated its 2022 settlement by allowing U.S. users through workarounds, like the $1 million it spent targeting Americans on Facebook.
Polymarket’s global popularity exploded in 2024, with $2.6 billion in trades during November’s election season and $1.1 billion in June 2025 alone. Its markets, covering politics to sports, correctly predicted Joe Biden’s withdrawal and Donald Trump’s 2024 win.
A recent partnership with X, integrating real-time market data via Grok AI, has boosted its cultural clout. Sergei Dobrovolskii, QCX’s founder, said, “Shayne has built a cultural phenomenon with Polymarket. I’m excited to leverage our licenses and expertise to help it reach its full potential.”
With a $200 million raise in April valuing it at $1 billion, Polymarket’s poised to dominate.
Racing Against Kalshi and Regulatory Hurdles
Polymarket’s U.S. comeback pits it against Kalshi, whose sports betting markets have driven massive growth. Polymarket aims to steal market share by offering crypto-based predictions on everything from elections to pop culture.
But legal clouds loom: several states argue prediction markets are unlicensed sports betting, and lawsuits are likely despite CFTC’s current support.
Polymarket’s working with regulators to align its markets, with U.S. trading expected “in the near future” via QC Clearing’s payout system, though no firm launch date is set.
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