Polymarket acquires QCEX for $112 million...re-enters US market after two years

Polymarket, a decentralized prediction market platform, is pushing forward with its re-entry into the US market.
On the 21st (local time), PolyMarket, a US derivatives exchange and clearing house,
The company announced that it would acquire QCEX for $112 million and resume operations in the U.S. after more than two years of hiatus. QCEX is headquartered in Boca Raton, Florida, and is a delivery and trading company.
Both the live exchange and the clearing house are overseen by the Commodity Futures Trading Commission (CFTC). Through this acquisition, Polymarket will operate a fully regulated prediction market service in the United States.
"Polymarket has laid the foundation for a new service that will allow us to provide a wide range of services to our customers," said Shayne Coplan, founder and CEO of Polymarket.
Coplan said in a press release, "Through this acquisition of QCEX, Polymarket has finally become a 'ho
"Now people can trade their opinions in a lawful and regulated manner in the United States," he said.
PolyMarket is a prediction market platform that allows users to bet on the outcomes of real-world events such as election results and sports matches.
Over the past year, Polymarket trading volume has topped $15 billion, according to the company's Token Terminal.
The news of this acquisition comes as the US Department of Justice (DOJ) and CFTC have officially concluded their investigations into PolyMarket.
The announcement came shortly after the two agencies were investigating whether PolyMarket allowed U.S. users to trade on their accounts, a probe that was recently concluded.
PolyMarket withdrew from the US market after reaching an agreement with the CFTC in January 2022. At the time, PolyMarket was an unregistered event-based exchange.
The company was previously fined $1.4 million for offering binary options on a US exchange and agreed to block access to US users.