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.
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Recent updates
Utah Files Felony Charges Against Kalshi and Its Founders — Second State to Criminally Charge a Platform
Utah filed criminal charges against Kalshi and its two co-founders, Tarek Mansour and Luana Lopes Lara, on October 28 — 13 felonies and a misdemeanor, including a second-degree 'pattern of unlawful criminal activity' count and 12 counts of online gambling promotion. The charges stem from a September sting in which an undercover agent placed 12 sports wagers verified to be in Utah. The CFTC sued Utah the day before to block state enforcement, its tenth such suit. Utah is the second state after Arizona to criminally charge Kalshi, and the first to charge the founders personally. Kalshi called it a 'crazy overreach.'
NBA Names Kalshi and Polymarket Preferred Exchanges — Leaving the NFL Alone in Opposition
The NBA announced on October 26 that it has named Kalshi and Polymarket its 'preferred prediction market exchanges,' signed a non-binding memorandum of understanding with the CFTC on basketball integrity, and expanded its DraftKings deal to include prediction markets — the first league to extend a sportsbook partnership into the category. The exchange deals bar league and team personnel from trading NBA contracts, limit permissible markets, and require sharing of suspicious-trading data, in exchange for NBA intellectual property and official data. The NBA joins MLB, the NHL, and MLS as partnered leagues, leaving the NFL as the lone major holdout — and the only league fighting the platforms in court.
CFTC Chair Says Agency Is Watching Prediction Markets for Manipulation Ahead of Midterms
CFTC Chairman Michael Selig said on October 23 that the agency is closely monitoring prediction markets for manipulation ahead of the November 3 midterms, and that it is separately scrutinizing oil market trading tied to President Trump's announcements about the war in Iran. Combined midterm open interest on Kalshi and Polymarket stood at $250 million as of October 18, with Kalshi holding 84%. Selig acknowledged the agency often catches political figures attempting to trade 'oftentimes after the fact.' The remarks highlight the CFTC's dual and somewhat conflicting role as both the platforms' federal protector and their manipulation watchdog, at a time when the agency has shed enforcement staff.