Polymarket Quietly Re-Enters US Market In Beta Mode: Report

Decentralized prediction markets platform Polymarket has quietly re-entered the US in beta mode after resolving an enforcement case with the US Commodity Futures Trading Commission (CFTC).

The platform’s founder, Shayne Coplan, said at Cantor Fitzgerald’s crypto conference that the US platform is “live and operational,” according to a recent Bloomberg report. 

During the beta mode, the platform has allowed certain users to place bets on real contracts as well, the founder added. 

Now, Polymarket is in its final stages before officially opening in the US, the report said. 

CFTC Enforcement Action Had Forced Polymarket Offshore

Polymarket was forced offshore after the CFTC took enforcement action against the platform for offering event-based binary-option contracts without registering as a designated contract market (DCM) or swap execution facility (SEF).

The regulator said at the time that Polymarket’s “yes/no” event contracts constituted “swaps” under the Commodity Exchange Act.

Polymarket eventually settled with the CFTC for $1.4 million. In July this year, the company then acquired the licensed derivatives exchange and clearinghouse QCX for approximately $112 million, which essentially laid the groundwork for the company to re-enter the US market. 

Polymarket Saw Record Activity Last Month

Despite being forced offshore, Polymarket was able to see significant growth. It also saw a large amount of activity during the 2024 US presidential election. This momentum continued last month, when the platform saw all-time highs (ATHs) in various statistics including monthly volume, active traders, and newly listed markets. 

Despite the record month, Polymarket was still outpaced in terms of October volumes by its competitor Kalshi, which is licensed in the US.

The uptick in Polymarket’s activity could have to do with the platform’s expected rollout of a native POLY token, an upcoming event that was confirmed by the company’s Chief Marketing Officer Matthew Modabber. The news likely attracted more traders to the prediction markets platform as they seek to meet Polymarket’s yet-to-be-disclosed airdrop eligibility requirements. 

Polymarket Has Added Major New Partners

Ahead of its planned US re-launch, Polymarket has formed strategic partnerships with several major firms. 

Earlier this week, Polymarket announced its partnership with major US fantasy app PrizePicks. Just 24 hours after that partnership, Polymarket became Yahoo Finance’s exclusive prediction market partner. 

Those partnership announcements came a week after Google Finance said it will integrate prediction data from Polymarket and Kalshi into its AI finance tools.

Google unveils integration with Polymarket and Kalshi (Source: Google)

Earlier this year, Elon Musk’s X (formerly Twitter) announced that it has picked Polymarket as its official prediction markets partner as well. 

Adding to Polymarket’s momentum, Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), announced in October that it would invest up to $2 billion into Polymarket. This deal values the prediction market company at around $8 billion on a pre-investment basis. 

As part of the agreement, ICE will also become a global distributor of Polymarket’s event-driven probability data. It will also partner with the company on future tokenization initiatives. 

Prediction Markets Space Growing Increasingly Competitive

Polymarket’s US re-launch comes as competition in the prediction markets space heats up. Multiple companies have announced that they are working on their own offerings.

Among those companies is FanDuel, who recently unveiled plans for a standalone mobile app called “FanDuel Predicts.” This new app will not only feature contracts on sporting events, but also on commodities, cryptos, and other future outcomes. 

Meanwhile, online sports-betting operator DraftKings announced that it has acquired Railbird Technologies, which enables the company to enter the prediction markets domain.  Similar to FanDuel, DraftKings is planning on launching a mobile app which will allow users to trade contracts on real-world outcomes across finance, culture, and entertainment. 

Trump Media & Technology Group (TMTG) has also said that it will launch prediction markets called “Truth Predict” in partnership with exchange Crypto.com. 

Can’t agree? Let the market decide.

Access prediction markets across politics economy, sports, and more on Truth Predict, powered by https://t.co/vCNztATkNg.

Learn more: https://t.co/RoZqNeKenl pic.twitter.com/1fGTCzYlRT

— Crypto.com (@cryptocom) October 29, 2025

Similarly, the Winklevoss-owned crypto exchange Gemini said in its third-quarter earnings call that it is working on prediction markets as part of a broader effort to create a crypto “super app.” The company added that it is working on its own solutions, and does not want to rely on third party service providers. 

Reports suggest that Gemini is considering acquiring or partnering with a regulated derivatives exchange and possibly apply for a DCM license to launch the prediction market. 

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