Polymarket Acquires QCEX CFTC Licence for US Relaunch, ICE Takes $2B Stake
Polymarket acquired QCEX, a CFTC-licensed designated contract market, to power a compliant US product, and secured a $2 billion investment from Intercontinental Exchange (NYSE owner).
Polymarket, the world's largest prediction market by volume with over $8 billion in lifetime trading, announced in October 2025 that it had acquired QCEX, a dormant but fully CFTC-licensed Designated Contract Market. The acquisition gives Polymarket the regulatory infrastructure to launch a compliant US retail product, three years after its 2022 CFTC settlement barred US users from the main platform.
Shortly after the QCEX announcement, Intercontinental Exchange (ICE), the operator of the New York Stock Exchange, disclosed a $2 billion strategic investment in Polymarket. The investment values Polymarket as a credible financial market infrastructure play, not just a consumer app, and provides capital for the US buildout and potential futures contracts.
The US product, being developed under the QCEX DCM licence, is rolling out via a waitlist in 2026. Early access was invite-only through December 2025, with broader rollout estimated for Q3–Q4 2026. Key differences from the existing global platform: full KYC required, USD settlement alongside USDC, and compliance with CFTC position limits.
If the US relaunch reaches scale, Polymarket's global liquidity (its biggest advantage over Kalshi) would become available to US retail investors for the first time under a fully compliant structure. The combination of deepest political market liquidity and CFTC-licensed infrastructure would represent a significant competitive challenge to Kalshi in its home market.
Operators mentioned in this article
Recent updates
CFTC Sues New Mexico — Eighth State in the Federal Preemption Fight, and the First Filed After the Proposed Rule Dropped
The CFTC sued New Mexico on June 12, 2026 to block the state from enforcing its gambling laws against prediction markets, days after AG Raúl Torrez sued Kalshi for offering unlicensed online sports betting. New Mexico is the eighth state the agency has sued. The complaint is the first to land after the CFTC's own proposed rule was released this week — a rule that explicitly supports most sports-related event contracts.
ProphetX Wins CFTC DCM and DCO Approval — the Sweepstakes-to-Prediction-Market Conversion Wave Begins
ProphetX, the former state-licensed sportsbook turned sweepstakes exchange, won CFTC approval this week for both a Designated Contract Market and a derivatives clearing organization, and will convert to a sports prediction market early next week. It is the first of an expected wave of sweepstakes operators — Novig and Sporttrade have applications pending — pivoting to federal regulation as states ban sweepstakes apps.
Google Bans Prediction-Market Ads in Ohio — Second State After Nevada, and Regulators Weren't Told First
Google updated its US prediction-markets advertising policy to prohibit ads for prediction-market contracts in Ohio, effective June 2, 2026. Ohio joins Nevada as the only states excluded since Google opened the category in January. The Ohio Casino Control Commission says it did not request the ban — adding a new, private-sector front to a fight that has so far run through courts and statehouses.