Bloomberg: PolyMarket acquires derivatives trading platform QCX to gain legal qualification to re-enter the U.S. market

ChainCatcher news, according to Bloomberg citing informed sources, the cryptocurrency prediction platform Polymarket is acquiring a small derivatives exchange named QCX, a move that will allow Polymarket to gain legitimate qualifications to return to the U.S. market.

During the 2024 U.S. presidential election, the platform gained fame as users wagered millions of dollars on Trump's return to the White House, and this acquisition will officially reopen the platform to U.S. users.

Earlier this month, the New York company operated by Shayne Coplan officially received notification from the U.S. Department of Justice and the Commodity Futures Trading Commission (CFTC) that both agencies have concluded their investigation into Polymarket. Previously, regulators were investigating whether the company violated a settlement agreement reached with the CFTC in 2022—at that time, Polymarket promised to block U.S. users due to its lack of relevant registration qualifications. This policy reversal is the latest example of U.S. authorities overturning the Biden administration's regulatory stance on digital asset companies against the backdrop of the Trump administration's push for the development of the cryptocurrency industry.

An unnamed informed source stated that Polymarket will acquire QCX for $112 million. QCX applied for a license from the CFTC in 2022 and was not permitted to operate until July 9 of this year. A spokesperson for Polymarket confirmed the acquisition.