Polymarket has acquired a little-known exchange registered with the Commodity Futures Trading Commission (CFTC) in a deal that the prediction market says will “pave the way for U.S. users to access Polymarket in the near future.”
According to a press release, the prediction market has closed a deal to buy QCEX, which received CFTC approval to operate earlier this month, for $112 million. The CFTC registration, rather than any aspects of QCEX’s operations or team, appears to be the motivation for the purchase, as it would allow Polymarket to legally offer its services in the U.S.
Obtaining CFTC approval the traditional way can be a long and ardous process; QCEX applied for the status in 2022.
