Prediction Platform Polymarket Buys QCEX Exchange in $112 Million Deal to Reenter the U.S.

Polymarket has acquired the parent company of QCEX, a CFTC-licensed exchange and clearinghouse, in a $112 million deal that paves the way for the crypto prediction market’s return to the United States.

Based on the sale's terms, Quadcode Group will assume the role of a strategic shareholder in addition to being a technology partner to Polymarket.

The move follows the end of a federal investigation into Polymarket’s prior operations, clearing a path for the company to resume service to American users within a regulated framework.

Polymarket has acquired QCEX, a CFTC-regulated exchange and clearinghouse, for $112 million.This paves the way for us to welcome American traders again.I've waited a long time to say this:Polymarket is coming home 🇺🇸🦅 pic.twitter.com/Qjd5ZbUwKi

Previous Settlement and Easing Regulations

Polymarket previously agreed in 2022 to block U.S. users after settling with the CFTC over operating an unregistered market. Authorities later began investigating whether the firm had fully enforced that restriction.

The Justice Department and the CFTC reportedly led the probe, which included a search of CEO Shayne Coplan’s residence in New York. According to the company, the investigation has now been dropped. QCEX reportedly received CFTC approval to operate as a derivatives exchange and clearinghouse on July 9, after a multi-year application process.

"Polymarket is the largest prediction market globally and has become synonymous with understanding the probability of current events," commented Shayne Coplan, Founder and CEO of Polymarket.

"Demand is greater than ever, not just in user growth and trading volume, but in how mainstream audiences are turning to Polymarket to separate signal from noise, bias, and speculation."

Polymarket allows users to trade on the outcomes of real-world events using cryptocurrency. Topics range from politics and elections to sports and international affairs. The platform drew increased attention during the 2024 U.S. election cycle and has seen growing adoption in 2025.

Previously: FBI Raids Polymarket CEO’s Home, Seizes Phone

The company said users placed about $6 billion in predictions on the platform during the first half of the year. Polymarket also announced a recent partnership with social media platform X.

Next Steps Unclear, But Platform Eyes U.S. Relaunch

Polymarket has not announced a timeline for when U.S. users will regain access to the platform, but the QCEX acquisition gives it a legal structure to do so. The move comes amid a broader trend of crypto firms seeking regulatory clarity by acquiring or building within licensed frameworks.

Recent reports suggested Polymarket was in talks to raise up to $200 million at a $1 billion valuation. Polymarket’s return to the U.S. could further legitimize prediction markets, which remain lightly regulated in most jurisdictions.

Last year, the U.S. Federal Bureau of Investigation (FBI) raided the home of Polymarket CEO Shayne Coplan, seizing his phone, according to a report by the New York Post. The Department of Justice reportedly investigated Polymarket over allegations that the platform enabled U.S. users to place bets on real-world events.