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Polymarket returns to the United States in closed beta
Polymarket has quietly reopened access to U.S. users in a closed beta, ending nearly three years of regulatory uncertainty and offshore-only operations. The prediction markets platform has begun onboarding a select cohort of American participants who are already placing real-money bets on active contracts, founder Shayne Coplan confirmed at Cantor Fitzgerald’s Crypto and AI Infrastructure Conference in Miami.
Closed beta: cautious re-entry with live markets
According to Coplan, the U.S. exchange is operational and being rolled out gradually. The company is deliberately limiting access while it monitors liquidity, compliance workflows, and the user onboarding pipeline. This staged approach lets Polymarket test real-money trading in a controlled environment before a full public launch.
Regulatory clearance follows 2022 CFTC settlement
Polymarket’s path back to the U.S. follows a high-profile regulatory episode. In 2022 the Commodity Futures Trading Commission alleged the platform had offered unregistered event-based binary options to U.S. users, culminating in a $1.4 million settlement and the cessation of U.S. operations. The relaunch comes after Polymarket restructured its legal framework and secured regulatory permissions through newly acquired entities, QCEX and QC Clearing.
Acquisition and compliance as the route to relaunch
Reports that Polymarket planned a U.S. comeback surfaced after the CFTC issued a no-action letter under its new leadership, allowing the platform to resume activities via its regulated exchange and clearinghouse. Polymarket also completed a notable acquisition of QCEX in a roughly $112 million deal, giving the firm the regulated infrastructure needed to operate legally in the U.S. market.
Market positioning and strategic partnerships
Once fully live, Polymarket will compete with prediction-focused venues and traditional betting operators such as Kalshi and FanDuel. The company is prioritizing sports predictions and has already forged integrations and clearing relationships that provide market access and distribution, including a partnership with PrizePicks and a clearing arrangement tied to DraftKings’ forthcoming predictions product.
The competitive landscape for prediction markets has expanded recently, with new entrants like Truth Predict — launched by former President Donald Trump’s media company in collaboration with Crypto.com — intensifying interest across retail audiences and election-linked markets.
Advisory changes and investor interest
Polymarket redesigned its governance and added high-profile advisors as part of its broader comeback strategy. The platform reportedly enlisted Donald Trump Jr. to its advisory board, a move that accompanied regulatory progress. Financial backing and strategic commitments have also surfaced: Intercontinental Exchange provided a major pledge earlier in the year, and Polymarket is engaged in talks to raise a new funding round that could value the company between $12 billion and $15 billion according to sources.
Outlook: careful rollout toward full U.S. launch
For now, the platform’s closed beta will serve as a practical stress test for compliance systems, market-making, and customer onboarding in the U.S. If the trial succeeds, Polymarket aims to expand beyond the invite-only phase and capture a greater share of the growing prediction markets and crypto betting sector. Observers should watch regulatory signals, liquidity metrics, and the outcome of the reported fundraising round to gauge the durability of Polymarket’s U.S. comeback.
Source: crypto
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