Polymarket Acquires QCEX for $112M to Launch Fully Regulated U.S. Platform

The move signals Polymarket’s long-anticipated return to the United States under a fully regulated framework.
Polymarket Acquires QCEX for $112M to Launch Fully Regulated U.S. Platform
Pictured: In this photo illustration, a person is holding a cellphone with the logo of prediction market company Polymarket. Photo by Timon Schneider / SOPA Images/Sipa USA via Imagn Images.

Prediction market company, Polymarket, has announced the acquisition of QCEX, a CFTC-licensed derivatives exchange and clearinghouse, for $112 million. The move signals Polymarket’s long-anticipated return to the United States under a fully regulated framework, allowing U.S. users to trade on real-world events within a regulated setup, while bringing the company back into the conversation about the best prediction markets.

Through this deal, Polymarket now owns QCX, LLC and QC Clearing LLC, together known as QCEX. The deal equips Polymarket with both Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) licenses, which are needed in the U.S. to run a fully regulated futures exchange.

"Polymarket is the largest prediction market globally and has become synonymous with understanding the probability of current events," said Shayne Coplan, Founder and CEO of Polymarket. "Demand is greater than ever — not just in user growth and trading volume, but in how mainstream audiences are turning to Polymarket to separate signal from noise, bias, and speculation. "Now, with the acquisition of QCEX, we are laying the foundation to bring Polymarket home — re-entering the US as a fully regulated and compliant platform that will allow Americans to trade their opinions."

Growing interest in event-driven trading is the main factor driving Polymarket's expansion. In the first half of 2025, users bet over $6 billion on the platform, on topics ranging from elections to geopolitics to macroeconomic shifts. Polymarket's recent partnership with X has further boosted its visibility. 

With the QCEX acquisition, Polymarket now has a regulated channel to service U.S. traders who have previously been restricted due to regulatory barriers. 

U.S. regulatory clarity gains momentum

By acquiring QCEX, Polymarket will be able to offer fully regulated services to North American users, something it’s been unable to do under current CFTC restrictions. That clears a key hurdle in the U.S. prediction market landscape, where legal ambiguity has slowed growth.

The deal also addresses ongoing criticism that prediction markets are “backdoor gambling”, an issue Polymarket and Kalshi have long pushed back against. In comparison to Polymarket rival Kalshi, the prediction platform recently stated that, despite using terms like “bet” and “odds” in its marketing, it still differs from the best sports betting sites.

With licenses and oversight now in place, the U.S. may finally see mainstream prediction markets operate in the open.

Kalshi’s valuation

Polymarket’s acquisition of QCEX signals serious momentum in the prediction market space, a trend also reflected in Kalshi’s recent $185 million raise

Kalshi’s funding round, now valued at $2 billion, was led by crypto-focused investor Paradigm. Sequoia, Multicoin, and Citadel’s Peng Zhao participated. 

Like Polymarket, Kalshi allows users to trade on real-world events ranging from politics to entertainment. While Polymarket prepares its U.S. re-entry, Kalshi’s success shows investors see lasting potential in regulated, opinion-based trading.