Polymarket Seeks CFTC Approval to Reopen Exchange to US Traders

Polymarket is reportedly seeking Commodity Futures Trading Commission (CFTC) approval to relaunch its main prediction market for US users. The company has been in discussions with CFTC officials to lift its US trader ban, which was imposed following a 2022 settlement. If approved, this move would allow Polymarket to compete with Kalshi and bring more event-based trading under CFTC oversight. The CFTC had previously cleared a separate US-only Polymarket platform last November. Prediction markets, which allow users to trade contracts based on future events, have faced scrutiny from states claiming they operate as unlicensed gambling operations. The CFTC would need to vote to remove the US block, a process potentially simplified by the current vacancy of four commission seats. This development comes after a recent incident where a soldier was accused of using a VPN to access Polymarket's international exchange and make over $400,000 from trades based on classified information. Polymarket has declined to comment on the matter.