Polymarket, recognized as the largest cryptocurrency-based prediction market globally, has announced that the U.S. Commodity Futures Trading Commission (CFTC) has issued an Amended Order of Designation.

This approval enables Polymarket to operate an intermediated trading platform in compliance with the comprehensive federal regulations applicable to U.S. exchanges.

As a result, the market is now positioned to onboard brokerages and customers directly. Users are now able to engage in trading activities through futures commission merchants (FCMs), gaining access to traditional custody, reporting, and market infrastructure.

According to Shayne Coplan, the founder and CEO of Polymarket, “People rely on Polymarket because we provide clarity where there is confusion. This approval allows us to operate with the maturity and transparency that the U.S. regulatory framework demands. We express our gratitude for the constructive engagement with the CFTC and eagerly anticipate our role as a regulated exchange.”

In alignment with the new order, Polymarket has enhanced its systems, implementing advanced surveillance measures, market supervision policies, clearing procedures, and regulatory reporting in accordance with Part 16.

Further rules and processes for intermediated trading will be established prior to the official launch. Polymarket will continue to be subject to the Commodity Exchange Act and CFTC regulations, which include self-regulatory obligations.

After being barred in 2022 for operating an unregistered derivatives exchange, Polymarket is making its official return to the U.S. market following its acquisition of QCX, a regulated contract market and clearinghouse.

Polymarket Now Accepts Bitcoin

Earlier this year, the platform introduced the capability for users to make direct bitcoin deposits. Clients can now fund their accounts using BTC in addition to stablecoins such as USDC, USDT, and other cryptocurrencies.

In related developments, Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, is reportedly considering a $2 billion investment in Polymarket. This potential transaction could result in a valuation for the platform ranging between $8 billion and $10 billion, as reported by The Wall Street Journal.

In October, Polymarket was reportedly exploring a funding round that could establish its valuation at between $12 billion and $15 billion.

Shayne Coplan, at 27 years of age, may soon emerge as the youngest self-made billionaire following this investment. Notably, he was once an NYU dropout who began constructing the company from his bathroom.

The platform has also attracted investors such as 1789 Capital, which is backed by Donald Trump Jr., and successfully acquired derivatives exchange QCEX for $112 million, securing a CFTC license in the process.

One of Polymarket’s competitors, Kalshi, which is another prominent prediction market accepting bitcoin, recently raised $300 million at a $5 billion valuation and aims to extend its access to over 140 countries, with an annualized trading volume approaching $50 billion.

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