Bitcoin And Crypto Prediction Platform Polymarket Rolls Out US App Today After CFTC Approval

Bitcoin Magazine

Bitcoin And Crypto Prediction Platform Polymarket Rolls Out US App Today After CFTC Approval

Polymarket, the crypto-based prediction market platform, has officially launched a U.S.-focused app following approval from the Commodity Futures Trading Commission (CFTC). 

The move lifts nearly four years of restrictions preventing American users from participating in its blockchain-powered prediction markets.

Initially available in the App Store under the sports category, the app allows U.S. users to place bets on sports events, with plans to expand into other markets including proposition bets and election wagers. 

The app is opening access gradually, inviting users from a previously established waitlist, though not all applicants have received invitations yet.

Polymarket bypassed the traditional, multi-year CFTC registration process by acquiring QCEX, an already-registered platform, for $112 million in July. 

The company received a no-action letter from the CFTC in September, allowing it to resume operations legally in the U.S. after its 2022 settlement over unregistered event contracts.

Polymarket’s CFTC approval

In November, Polymarket secured an Amended Order of Designation from the U.S. Commodity Futures Trading Commission (CFTC), allowing it to operate as an intermediated trading platform under the full set of federal rules for U.S. exchanges. 

The approval enabled the platform to onboard brokerages and customers directly, allowing users to trade through futures commission merchants (FCMs) and access traditional custody, reporting, and market infrastructure.

To comply with the CFTC’s requirements, Polymarket upgraded its systems, introducing enhanced market surveillance, supervision policies, clearing procedures, and Part 16 regulatory reporting. 

The platform remains fully subject to the Commodity Exchange Act and other CFTC regulations, including self-regulatory obligations.

The platform had been barred from operating in the U.S. in 2022 after offering unregistered derivatives contracts. Its return followed the acquisition of QCEX, a regulated contract market and clearinghouse, for $112 million, which enabled the company to bypass a lengthy registration process.

 Earlier this year, the platform also introduced support for direct bitcoin deposits, allowing users to fund accounts with BTC alongside stablecoins like USDC and USDT.

The platform has attracted significant investor interest. In November, reports indicated that Intercontinental Exchange (ICE), owner of the New York Stock Exchange, is considering a $2 billion investment that could value Polymarket between $8 billion and $10 billion. 

Earlier funding discussions reportedly placed the company’s valuation at $12–15 billion. Investors also include 1789 Capital, backed by Donald Trump Jr.

Polymarket’s competitors, such as Kalshi, are also expanding, with Kalshi recently Kalshi raising $1 billion at a $11 billion valuation, doubling value in under two months

This post Bitcoin And Crypto Prediction Platform Polymarket Rolls Out US App Today After CFTC Approval first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Read More[#item_full_content]Bitcoin Magazine