Polymarket launches iOS app in the US after receiving CFTC approval, returning to the prediction market

Source: BlockMedia Original Title: Polymarket launches iOS app in the US after CFTC approval Original Link:

Prediction market platform Polymarket launches iOS app in the US

Prediction market platform Polymarket has launched an iOS app in the US, marking a major return after receiving approval from the Commodity Futures Trading Commission (CFTC) following a regulatory ban in 2022.

With the launch of this app, users can now trade on sports events with real money under a federal regulatory framework. Polymarket announced the news via social media on Wednesday. Currently, the app is only available in iOS form, and users can gradually gain access through a waitlist. An Android version will also be available soon.

Comeback after the 2022 regulatory violation

In 2022, Polymarket was investigated by the CFTC for offering unregistered event-based derivatives, fined $1.4 million, and ceased operations in the US. The platform then shifted its strategy toward regulatory compliance and has now obtained official CFTC approval to relaunch as an intermediary exchange under federal rules. Unlike traditional sports betting apps, Polymarket positions itself as a platform for trading on real-world event outcomes, similar to traditional commodity platforms.

The app currently focuses on probability markets for major events and tournaments, with plans to expand into unique proposition betting in the future.

Growth and competitive landscape of prediction markets

Polymarket’s return comes at a time when prediction markets are gaining attention. Prediction markets are seen as tools that reflect public expectations and sentiment, providing important signals in elections, policy decisions, and economic events.

Meanwhile, competitor Kalshi recently completed a $1 billion funding round, giving the company a valuation of $11 billion.