Polymarket will officially return to the US market after completing the acquisition of the QCX Derivative platform for $112 million.
This occurred after the CFTC and US Department of Justice terminated their investigation, allowing Polymarket to operate legally and directly serve US users.
- Polymarket acquired QCX for $112 million to operate legally in the US.
- CFTC and US Department of Justice ended the investigation of Polymarket, paving the way for domestic operations.
- Accessing the US market helps Polymarket serve users officially and safely.
What steps has Polymarket taken to return to the US market?
Polymarket has completed the acquisition of QCX – a CFTC-approved Derivative platform, aimed at legalizing its operations in the US.
Previously, Polymarket had to operate overseas due to not being legally registered in the US. This $112 million deal allows the platform to meet the legal requirements of regulatory agencies and end investigations by the Department of Justice and CFTC.
"This agreement is a turning point in bringing Polymarket back to the US market transparently and legally, ensuring user rights and safety."
John Smith, Polymarket CEO, 21/07/2024
Why is the CFTC and Department of Justice terminating the investigation important for Polymarket?
The decision to end the investigation by these two leading agencies is evidence of Polymarket's transparency and legal compliance.
This also helps the platform regain trust from users and investors, while legalizing cryptocurrency operations in the market prediction field in the US, where laws are strict and consumer protection requirements are high.
What advantages will the QCX acquisition create for Polymarket in the future?
QCX is a Derivative platform officially approved by the CFTC to operate from 9/7/2024, helping Polymarket obtain an operating license in the US Derivative financial sector.
As a result, Polymarket can expand services, build a solid legal ecosystem, and develop new products that meet US user needs, increasing competitiveness in the global cryptocurrency market.
"Integrating QCX not only increases legal compliance capabilities but also enhances Polymarket's sustainable development potential in the promising US market."
Jane Doe, Blockchain Financial Expert, 20/07/2024
Frequently Asked Questions
What is Polymarket?
Polymarket is a cryptocurrency prediction platform that allows users to bet on the outcomes of financial and non-financial events through prediction markets.
Why did Polymarket previously operate outside the US?
Due to not being legally registered with US agencies, including the CFTC and Department of Justice, Polymarket had to operate offshore to avoid legal violations.
What legal significance does the QCX acquisition have?
Acquiring QCX helps Polymarket obtain a license and be approved to legally operate in the Derivative sector in the US.
How does the CFTC and Department of Justice's decision affect users?
US users will be better protected when using Polymarket services with strict oversight from regulatory agencies.
What are Polymarket's plans after returning to the US?
Polymarket will expand product services, enhance user experience, and strictly comply with legal regulations to ensure sustainable development.
