**Polymarket Launches U.S. App After CFTC Approval, Opening New Betting Avenues**
Polymarket, a crypto-based prediction market platform, has officially launched its U.S.-focused app following the approval from the Commodity Futures Trading Commission (CFTC). This significant development ends nearly four years of restrictions that barred American users from engaging in its blockchain-driven prediction markets. Initially categorized under sports in the App Store, the app enables U.S. users to place bets on various sports events, with future plans to expand into proposition bets and election wagering.
The rollout of the app is being conducted gradually, with access being granted to users from a previously established waitlist. However, not all applicants have received invitations yet. In a strategic move, Polymarket circumvented the lengthy CFTC registration process by acquiring QCEX, a pre-registered platform, for $112 million in July. Following this acquisition, the company received a no-action letter from the CFTC in September, allowing it to resume operations legally in the U.S. after a settlement regarding unregistered event contracts in 2022.
In November, Polymarket secured an Amended Order of Designation from the CFTC, permitting it to function as an intermediated trading platform under federal regulations for U.S. exchanges. This approval allows the platform to onboard brokerages and customers directly, enabling users to trade through futures commission merchants (FCMs) while accessing traditional custody, reporting, and market infrastructure. To meet CFTC requirements, Polymarket has enhanced its systems with improved market surveillance, supervision policies, clearing procedures, and regulatory reporting.
Previously, the platform was prohibited from operating in the U.S. in 2022 due to the offering of unregistered derivatives contracts. Its return to the market was facilitated by the acquisition of QCEX, which allowed the company to bypass a protracted registration process. Earlier this year, Polymarket also introduced support for direct bitcoin deposits, enabling users to fund their accounts with BTC alongside stablecoins like USDC and USDT.
The platform has garnered considerable investor interest, with reports in November indicating that the Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, is contemplating a $2 billion investment that could value Polymarket between $8 billion and $10 billion. Earlier funding discussions had suggested a valuation of $12–15 billion. Notable investors include 1789 Capital, which is backed by Donald Trump Jr. Meanwhile, competitors like Kalshi are also expanding, with Kalshi recently raising $1 billion at a valuation of $11 billion.
**FAQ**
**What is Polymarket and how does it operate?**
Polymarket is a crypto-based prediction market platform that allows users to place bets on various events, including sports and elections, using blockchain technology. After receiving CFTC approval, it has launched a U.S. app, enabling American users to participate in its markets legally.