Overview
- Polymarket’s U.S. affiliate submitted three National Futures Association applications on July 3 for futures commission merchant, NFA membership, and swap firm registration to enable margined trading through an affiliated broker.
- Those NFA filings do not by themselves allow leveraged event contracts to launch because Polymarket still needs the Commodity Futures Trading Commission to approve changes to its exchange rulebook.
- The submissions follow Polymarket’s July 2025 purchase of CFTC‑licensed QCEX, a December mobile app relaunch, and record June trading that shows rising demand for regulated event markets.
- Regulatory and legal pressure continues: the CFTC opened a new probe in June, outlets reported alleged paid or staged influencer promotions, and two New York users sued the company over a disputed market resolution.
- Polymarket is racing to catch Kalshi, whose affiliate won similar NFA approvals in March, and if approved margin trading could widen access for traders while raising risks that require stronger custody, margin calls, and reporting controls.