The prediction platform Polymarket has acquired the derivatives exchange QCEX, licensed by the US Commodity Futures Trading Commission (CFTC), for $112 million.
According to a press release, the deal represents a “significant step” in expanding access for US users to the world’s largest prediction market.
In 2022, the CFTC fined Polymarket $1.4 million for offering services without registration. The regulator classified the platform’s activities as facilitating trading in over-the-counter binary options.
In 2024, it emerged that the Department of Justice was investigating Polymarket. The company allegedly violated obligations by not restricting access to its services for American clients. As part of the case, agents from the FBI searched the apartment of the platform’s founder and CEO, Shayne Coplan. Law enforcement seized a phone and other electronics.
On July 15, the entrepreneur confirmed media reports about the termination of the investigation by the Justice Department. The CFTC also dropped all claims against the company.
“Demand is now higher than ever—not only in terms of user growth and trading volume, but also in how a broad audience turns to Polymarket to separate facts from noise, bias, and speculation. With the acquisition of QCEX, we are laying the foundation for a return to our homeland in the US, to allow Americans to exchange their opinions,” Coplan stated.
Polymarket’s popularity surged ahead of the presidential elections in November 2024, with users placing million-dollar bets on both candidates.
Earlier, an expert assessed the average accuracy of predictions on the platform at 94% four hours before the market closed.