Polymarket unit PM Derivatives cleared by NFA while awaiting CFTC
Polymarket's unit, PM Derivatives, just got the go-ahead from the National Futures Association (NFA) to act as a futures broker.
CEO Nikhil Joshi called it a "foundational step" for the firm.
This approval would pave the way for them to ramp up their market activities while waiting for an extra thumbs-up from the Commodity Futures Trading Commission (CFTC).
PM Derivatives now futures commission merchant
Now officially a futures commission merchant, PM Derivatives can handle customer trades with full funding, so every trade is 100% backed.
But it's not all smooth sailing: Polymarket is still being investigated by the CFTC over its marketing practices.
With both a U.S.-registered exchange and an offshore platform in play, Polymarket remains a big name in the fast-growing prediction market scene.