Polymarket in talks with CFTC to end four-year ban on American customers: Report

Polymarket is trying to bring its main platform back to the US, which could allow Americans to use the exchange again and boost the fast-growing prediction market industry. The company has been in talks with the Commodity Futures Trading Commission about removing its current ban on US users, Bloomberg reported Tuesday.

After running into regulatory issues in 2022, Polymarket blocked US traders from its global platform and began working on a US-based version that hasn’t fully launched. Any change would need approval from the CFTC, currently led by Chairman Michael Selig.

Meanwhile, competition is heating up, especially from Kalshi, and there’s growing interest in prediction markets from political and financial players. At the same time, regulators are still watching closely, particularly after cases of US users accessing the platform through VPNs.

If approved, Polymarket could merge its blockchain-based system with its US operations, potentially bringing its core platform back under US regulation and expanding its reach.

This is a developing story. Please check back for further updates.