Polymarket Reopens to U.S. Users, Boosting Crypto Prediction Markets
The U.S. government shutdown has put a temporary halt to the approval process of new Exchange-Traded Funds (ETFs), dampening hopes for any early October approvals. Meanwhile, cryptocurrencies have seen a resurgence, with Bitcoin surging to $118,800 and Zcash soaring by 50% to $140. In positive news for U.S. crypto users, Polymarket, a decentralized prediction market platform, is set to reopen to U.S. users potentially as soon as today.
Polymarket, founded and led by Shayne Coplan, has been working towards this reopening. U.S. users can now access the platform without a VPN, following a quick KYC/identity check and standard U.S. compliance procedures. The first listings are expected to be familiar, including sports spreads/totals and 'who wins' election markets. The platform's reopening comes after the CFTC staff issued a no-action letter, providing limited relief on event-contract reporting and record-keeping for entities. Polymarket has also started self-certifying event contracts, clearing the final path for the U.S. platform switch. This move follows Polymarket's acquisition of QCX/QC Clearing (QCEX) for $112M, securing a CFTC-licensed exchange and clearinghouse. Users can expect access to start on the official U.S. web app, with rollout to App Store and Google Play pending approvals.
Polymarket's reopening to U.S. users is a significant development in the crypto landscape, providing domestic users with direct access to the platform. With the first listings expected to be familiar and accessible, users can look forward to engaging in prediction markets without the need for VPNs. The platform's acquisition of QCEX and the CFTC's no-action letter have paved the way for this reopening, marking a step forward in the platform's growth and compliance with U.S. regulations.
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