Beta
    CFTC record

    Is Polymarket Regulated?

    Short answer — yes. Here is by whom, since when, and how it actually compares to Kalshi.

    The short version

    • Polymarket US operates as a CFTC DCM (via QCX LLC), approved via amended order dated November 25, 2025.
    • It operates through QCX LLC — Polymarket acquired QCX for $112M in July 21, 2025.
    • Kalshi is a CFTC DCM + DCO, CFTC-approved November 2020.
    • Both are federally regulated derivatives exchanges. One clears its own trades; the other uses a third-party clearing organization.
    • Neither is FDIC-insured. Both must hold customer funds in segregated accounts under CFTC rules.

    The headline answer

    Both Kalshi and Polymarket US hold active CFTC DCM designations. Below is what the public record says about each, including the canonical CFTC document URL when it has cleared primary-source verification.

    Kalshi

    CFTC DCM + DCO
    Clearing model
    Self-clearing DCM + DCO
    CFTC approval
    November 2020
    US entity
    Kalshi
    View CFTC DCM Registry

    Polymarket US

    CFTC DCM (via QCX LLC)
    Clearing model
    DCM; clears through a third-party DCO
    CFTC approval
    November 25, 2025
    US entity
    QCX LLC
    View CFTC QCX Amended Order

    What "CFTC-regulated" actually means

    • Federal derivatives oversight under the Commodity Exchange Act.
    • All exchange rule filings appear on the public CFTC docket, reviewable by any member of the public.
    • Customer funds must be held in segregated accounts separate from exchange operating capital.
    • Ongoing surveillance, reporting obligations, and an enforcement posture that can suspend or deregister a non-compliant exchange.

    DCM vs DCM + DCO — what that difference is

    • A DCM (Designated Contract Market) is the exchange itself — the venue that lists contracts and matches orders.
    • A DCO (Derivatives Clearing Organization) clears trades, manages counterparty risk, and handles settlement.
    • Kalshi holds both designations and self-clears. Polymarket US holds the DCM designation and clears through a third-party DCO.
    • Both models are federally recognized. One is vertically integrated, the other is split-by-design. Neither is inherently more regulated than the other.

    The Kalshi ad campaign, in context

    In April 2026, Kalshi launched an ad campaign differentiating itself from Polymarket on regulatory status, per coverage in CNBC, April 15, 2026. The campaign framing implied that Polymarket operates outside CFTC oversight.

    The public CFTC record shows both platforms hold active DCM designations. Kalshi holds its own CFTC approval of November 2020; Polymarket US operates through QCX LLC under the amended order of November 25, 2025.

    Both platforms are CFTC DCMs. Marketing copy is not a regulatory finding.

    What CFTC regulation does NOT cover

    • Neither platform is FDIC insured. CFTC-supervised fund segregation is not the same as bank deposit insurance.
    • Kalshi remains in active disputes with multiple states over sports event contracts as of early 2026.
    • Polymarket International (the offshore platform for non-US users) is NOT the US-regulated venue. US users trade on Polymarket US via QCX LLC.
    • CFTC oversight governs the exchange, not individual trader outcomes. Regulation is about rule-following, not whether you personally make money.

    Related reading

    Polymarket Resolution-Clause Fallback Explained

    How fallback clauses can flip a Polymarket question to 50-50 if the trigger event never happens — pre-trade literacy, not a complaint.

    Polymarket 'View-Only Mode' Mechanism

    How Polymarket's geofence detects location and what view-only actually changes — neutral mechanism explainer, no VPN recommendations.

    Kalshi vs Polymarket

    Full side-by-side comparison: fees, markets, funding, regulation.

    Polymarket Legal Status

    State-by-state availability and residency questions.

    Is Kalshi Safe?

    Kalshi-specific safety, state litigation, and fund protections.

    International Regulatory Actions Tracker

    Durable tracker of every non-US sovereign action — Brazil CMN, France Roissy, UK FCA, Italy ADM, France ANJ, Switzerland Gespa, Australia.

    Brazil CMN Resolução 5.298

    First foreign-sovereign categorical PM ban — offshore-scope clause directly addresses Polymarket's non-US access shape. Effective May 4, 2026.

    Frequently asked

    Sources

    • CFTC DCM designation records — public docket (primary-source URL pending verification).
    • CFTC amended order for QCX LLC d/b/a Polymarket US, dated November 25, 2025 — primary-source URL pending verification.
    • CNBC, April 15, 2026 — reporting on the Kalshi ad campaign targeting Polymarket's regulatory framing.
    • Regulation data sourced from our internal platform facts registry.