Polymarket is in a high-stakes race to win back trust as it recommits to the US market
Summary
Polymarket, a prediction market app, has returned to the U.S. market after four years of being offshore due to legal issues. The company is investing in marketing and hiring compliance experts to show that its new U.S.-based platform is trustworthy and follows regulations.Key Facts
- Polymarket had to leave the U.S. market in 2022 after settling charges for operating an unregistered derivatives market.
- The company now runs a new U.S. platform after acquiring a licensed derivatives exchange called QCEX.
- Polymarket U.S. operates under U.S. regulations and uses U.S. dollars, unlike its international platform which uses cryptocurrency and blockchain.
- Polymarket hired experts from Coinbase, Robinhood, the Department of Justice, and the FBI to ensure compliance and regulatory oversight.
- The company is promoting itself through social media influencers, partnerships with sports teams and media outlets to build public trust.
- Polymarket’s U.S. platform offers fewer types of contracts and stricter regulations compared to its international version.
- The goal is to convince regulators and the public that Polymarket U.S. is a safe and legal way to trade predictions about events like politics and sports.
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