Polymarket seeks CFTC approval to reopen main exchange for U.S. traders
- Polymarket is in discussions with the Commodity Futures Trading Commission (CFTC) to lift its ban on U.S.-based traders.
- The ban was implemented following a settlement with the CFTC in 2022, leading Polymarket to move its main exchange overseas.
- A separate U.S.-only platform was approved by the CFTC last November but has not yet fully launched.
- Prediction markets allow users to trade contracts based on future events, facing scrutiny as potential unlicensed gambling operations.
- CFTC Chairman Michael Selig is currently the only sitting commissioner, which may simplify the approval process.
The ongoing talks come after allegations that a soldier used a VPN to access Polymarket’s international exchange and profited over $400,000 from trades based on classified information.
Polymarket’s efforts to reopen its main platform hinge on CFTC approval, which would require a vote amidst current vacancies within the commission. (Source)
