Polymarket Set to Return to U.S. After $112M QCEX Acquisition
Polymarket, a crypto-powered prediction market platform, is set to return to the U.S. after acquiring QCEX, a CFTC-licensed exchange and clearinghouse, for $112 million. This deal will allow Polymarket to operate legally in the U.S. once again, following regulatory approval. Meanwhile, the platform faces a ban in Australia for targeting local users, and similar licensing issues in France, Switzerland, and Belgium.
Founders Brian Lemond and Shayne Coplan aim to bring Polymarket back to the U.S. through this acquisition. The exact launch timeline remains unknown. In Australia, the platform was blocked by the Australian Communications and Media Authority (ACMA) after months of regulatory review. Polymarket had been targeting Australian users despite using geo-blocking measures, which were easily bypassed with VPNs. The platform has not yet responded publicly to the Australian ban. Alongside Polymarket, three other gambling sites were also ordered to be blocked by Australian internet providers.
Before the Australian ban, many accounts involved in Australia-related bets on Polymarket appeared to be from within the country. This move by the ACMA comes as part of its ongoing efforts to protect local users from unregulated gambling platforms.
Polymarket's return to the U.S. is imminent following the acquisition of QCEX. However, the platform faces challenges elsewhere, with bans in Australia, France, Switzerland, and Belgium due to licensing issues and targeting local users. As Polymarket prepares for its high-profile return to the American market, it must navigate these regulatory hurdles and ensure compliance with local laws.
