Polymarket, a crypto-based prediction platform, has acquired derivatives exchange QCX for $112 million in a strategic move to regain access to the U.S. market. Founder and CEO Shayne Coplan announced the deal on Monday, emphasizing that purchasing the CFTC-regulated QCX—which includes its clearinghouse QC Clearing—will enable Polymarket to operate as a fully compliant platform domestically. This acquisition follows the recent conclusion of U.S. Department of Justice and CFTC investigations into Polymarket, which previously resulted in a 2022 settlement requiring the platform to block American users and pay a $1.4 million fine.
The timing aligns with Polymarket's surging popularity, having recorded $2.6 billion in trading volume during November 2024—its highest monthly volume ever—and $1.16 billion in June 2024. Despite regulatory hurdles and bans in jurisdictions like France and Singapore, the platform gained mainstream traction during the U.S. presidential election through endorsements from figures like Elon Musk and coverage by major media outlets.
Notably, the acquisition supports Polymarket's June partnership with X (formerly Twitter), where it became the social media platform's official prediction tool. The collaboration promises real-time market analysis and future integrations. Additionally, Polymarket is nearing a $200 million funding round led by Peter Thiel's Founders Fund, potentially valuing the company at $1 billion. This follows a quiet $50 million investment earlier in 2025.