Crypto prediction platform Polymarket has received a key approval from the U.S. Commodity Futures Trading Commission (CFTC) as it positions itself for a U.S. return. This will enable the platform to operate an exchange and onboard U.S. customers as it facilitates trading in the country.
Polymarket Receives CFTC Approval To Operate As An Exchange
In a press release, the crypto prediction platform announced that the CFTC has issued an amended order of designation. This will enable it to operate an intermediated trading platform, which will be subject to the complete set of requirements applicable to federally regulated U.S. exchanges.
Furthermore, Polymarket noted that with this approval, it will be able to onboard brokerages and customers directly and facilitate trading on U.S. venues. It now has permission to introduce intermediated access, enabling users to trade through FCMs and leverage traditional market infrastructure, custody, and reporting channels.
Meanwhile, this development comes just about two months after the prediction platform received the CFTC’s green light for a U.S. return. The platform stated in the release that this latest order from the CFTC now positions it for a U.S. return under a fully regulated exchange structure.
Commenting on this development, Polymarket CEO Shayne Coplan said, “This approval allows us to operate in a way that reflects the maturity and transparency that the U.S. regulatory framework demands.”
He also expressed gratitude to the CFTC and declared their intention to keep providing value as a regulated exchange. “We’re grateful for the constructive engagement with the CFTC and look forward to continuing to demonstrate leadership as a regulated U.S. exchange,” the Polymarket CEO added.
Obligations As A Regulated Exchange
Polymarket revealed that as part of the amended order, it has developed enhanced surveillance systems, market supervision policies, clearing procedures, and part-16 regulatory capabilities. It also plans to implement additional rules, policies, and processes applicable to intermediated trading before its official U.S. return.
It is worth mentioning that the crypto prediction platform has continued to make strides in the billion-dollar prediction market. As CoinGape reported, the platform raised $2 billion from NYSE parent company ICE in October at a $9 billion valuation.
Polymarket is also reportedly seeking a new raise at a $12 billion valuation. Meanwhile, the company has hinted at a POLY token, which would serve as the platform’s native token.
Source: https://coingape.com/polymarket-to-operate-as-a-u-s-exchange-as-cftc-issues-key-order/
