Polymarket Seeks CFTC Approval to Reopen Platform to US Traders

Polymarket is pursuing CFTC approval to relaunch its primary prediction market for US users. Following a 2022 settlement, the company had restricted US-based traders and relocated its main exchange overseas. Recent discussions with CFTC officials, as reported by Bloomberg, indicate a potential reversal of this ban. The CFTC had previously cleared a separate US-only Polymarket platform in November. Prediction markets, which allow users to trade contracts tied to future events, have faced scrutiny from states claiming they operate as unlicensed gambling operations. A CFTC vote is required to lift the US block, with Chairman Michael Selig having previously asserted the CFTC's authority over these markets. The development comes amidst allegations of a soldier using a VPN to access Polymarket's international exchange for trades based on classified information, yielding over $400,000. Polymarket has declined to comment on the matter.