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PolyMarket has acquired the small derivatives exchange QCX to regain regulatory approval to re-enter the U.S. market.
BlockBeats News, July 21st, according to Bloomberg citing sources, the cryptocurrency prediction platform Polymarket is acquiring a small derivatives exchange named QCX, a move that will enable Polymarket to regain the legal qualifications to re-enter the U.S. market.
During the 2024 U.S. presidential election, the platform gained prominence as users wagered millions of dollars on Trump's return to the White House. This acquisition will officially reopen to U.S. users.
Earlier this month, the New York-based company, operated by Shayne Coplan, received formal notifications from the U.S. Department of Justice and the Commodity Futures Trading Commission (CFTC) that both agencies have concluded their investigation of Polymarket. Previously, regulatory agencies were investigating whether the company violated a 2022 settlement agreement with the CFTC—where Polymarket had pledged to block U.S. users as it did not have the necessary registration. This policy reversal is the latest example of the U.S. authorities overturning the Biden-era regulatory stance on digital asset companies against the backdrop of the Trump administration's push for the development of the crypto industry.
An anonymous source familiar with the matter stated that Polymarket will acquire QCX for $112 million. QCX applied for a license from the CFTC in 2022 and was only allowed to operate on July 9th of this year. A Polymarket spokesperson confirmed the acquisition.
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