Polymarket Reenters US Market With Exchange Acquisition As Probe Ends

Crypto-betting platform Polymarket is set for a return to the US following the first flashes of regulatory greenlights. To smooth its reentry into the US, Polymarket is nearing the acquisition of QCX, a derivatives exchange.

Polymarket To Buy Exchange To Facilitate US Return

According to a Bloomberg report, Polymarket has reached a deal with authorities to set up shop in the US again after nearly three years. The report notes that Polymarket is closing down on the acquisition of a derivatives exchange named QCX to facilitate its return to the country.

A formal announcement of the acquisition will reintroduce Polymarket to US residents, barring any regulatory stumbling block. Unnamed sources claim that Polymarket is lining up a $112 million bid to acquire QCX, but the exact status of the deal remains unclear.

The move comes barely a week after the CFTC and the US DOJ ended their probe against Polymarket. The little-known QCX applied for CFTC licensing back in 2022 but only clinched regulatory approval on July 9.

This is a developing story.

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Aliyu Pokima

Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.

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