Overview
- Polymarket’s international crypto exchange processed roughly $9 billion in April 2026 and about $7.1 billion in May 2026 while its licensed U.S. app recorded roughly $1.3–$1.8 billion over the same months.
- Two independent studies estimate U.S. users account for about 30% of Polymarket’s volume, with one firm putting American‑linked offshore activity at $11 billion to $34 billion over the 12 months ending April 2026.
- Researchers say many U.S. traders bypass geo‑blocks by using VPNs and timing or market‑choice patterns that reveal likely U.S. participation, which makes precise enforcement and measurement difficult.
- Regulators have acted before—the CFTC fined Polymarket in 2022 and the DOJ has brought insider‑trading charges connected to platform trades—but officials face practical limits policing offshore crypto venues.
- The imbalance of deep offshore liquidity versus smaller regulated venues forces a legal and operational choice for traders and could push volume toward regulated competitors such as Kalshi if enforcement tightens.