Radar / Broker / trading platform

Polymarket

Broker / trading platform United States (HQ New York; international platform linked to Panama) polymarket.com ↗

Automated profile · 2026-10-28 Sources checked 2026-10-28

Redoverall

Reviewed 2026-10-28

Our verdict

High risk

We found serious problems with this provider.

  • CFTC order (Jan 2022): $1.4M penalty and cease-and-desist against Blockratize for an unregistered swap facility. Reuters reported on 27 Oct 2026 that the CFTC is …
  • The CFTC's own register lists QCX LLC d/b/a Polymarket US as a Designated Contract Market (designated 2025-07-09), with an Amended Order of Designation (Nov 2025); a …
  • Blockratize, Inc. (Delaware) and CEO Shayne Coplan are identifiable; ICE disclosed about 22% via SEC filings. The international operator is a Panama entity (Adventure …
!Licensed for what it does?Unclear
✕Warnings or fines from regulators?Yes
!Owners known and transparent?Partly
!Customer complaints?Some

What should I do?

  1. Do not send money, card details or ID documents.
  2. If you already paid: contact your bank or card issuer at once and ask for a chargeback.
  3. Report the provider to your financial regulator or the police.

Based on public sources at the date of review. Not a finding that the company acted unlawfully; the company can respond below.

Questions about Polymarket

Is Polymarket licensed?

Yes. Public registers list Designated Contract Market – QCX LLC d/b/a Polymarket US – CFTC (US); Derivatives Clearing Organization – Polymarket Clearing / QC Clearing LLC – CFTC (US). The CFTC's own register lists QCX LLC d/b/a Polymarket US as a Designated Contract Market (designated 2025-07-09), with an Amended Order of Designation (Nov 2025); a CFTC staff letter describes Polymarket Clearing as a derivatives clearing organization.

Has a regulator taken action against Polymarket?

CFTC order (Jan 2022): $1.4M penalty and cease-and-desist against Blockratize for an unregistered swap facility.

Who owns Polymarket?

Blockratize, Inc. (Delaware) and CEO Shayne Coplan are identifiable; ICE disclosed about 22% via SEC filings.

Is Polymarket safe to use?

RatEx42 rates Polymarket Red as of 2026-10-28: RatEx42 found serious concerns in public sources. The signal is an assessment of public information, not a finding of unlawful conduct and not advice. Always check the licence in the official register yourself.

Are there complaints about Polymarket?

Trustpilot shows 1.3/5 (about 649 reviews), with reviewers citing withdrawal problems, locked funds and unresponsive support; BBB rating F. A public-interest suit by the National Association of Consumer Advocates (D.C.

Answers are generated from this profile (reviewed 2026-10-28). Sources are linked in “The full check” below.

About

Polymarket is a prediction-market platform founded in 2020 by Shayne Coplan and run by Delaware-registered Blockratize, Inc. in New York. It runs a CFTC-designated US exchange (QCX LLC d/b/a Polymarket US, cleared by QC Clearing/Polymarket Clearing) and an international crypto platform (USDC on Polygon) linked to Adventure One QSS Inc. (Panama) that is not CFTC-regulated. The CFTC fined Blockratize $1.4M in 2022. In 2026 the CFTC reportedly investigates controls, marketing and (per Reuters, 27 Oct 2026) possible breach of the 2022 settlement; several non-US regulators and US states have taken blocking, fining or cease-and-desist actions; a consumer-advocate lawsuit alleges deceptive marketing. No wrongdoing has been established in the pending CFTC matters.

Read more

Polymarket is a prediction-market platform founded in 2020 by Shayne Coplan and run by Delaware-registered Blockratize, Inc. in New York. It runs a CFTC-designated US exchange (QCX LLC d/b/a Polymarket US, cleared by QC Clearing/Polymarket Clearing) and an international crypto platform (USDC on Polygon) linked to Adventure One QSS Inc. (Panama) that is not CFTC-regulated. The CFTC fined Blockratize $1.4M in 2022. In 2026 the CFTC reportedly investigates controls, marketing and (per Reuters, 27 Oct 2026) possible breach of the 2022 settlement; several non-US regulators and US states have taken blocking, fining or cease-and-desist actions; a consumer-advocate lawsuit alleges deceptive marketing. No wrongdoing has been established in the pending CFTC matters.

The full check

🪪LicenceLicensing & registrationCaution

The CFTC's own register lists QCX LLC d/b/a Polymarket US as a Designated Contract Market (designated 2025-07-09), with an Amended Order of Designation (Nov 2025); a CFTC staff letter describes Polymarket Clearing as a derivatives clearing organization. The international platform is stated not to be CFTC-regulated, and several jurisdictions treat it as unlicensed gambling (e.g. Netherlands, France, Portugal, Hungary). No licence for the Panama operator was found.

👥Who owns itOwnership & controlCaution

Blockratize, Inc. (Delaware) and CEO Shayne Coplan are identifiable; ICE disclosed about 22% via SEC filings. The international operator is a Panama entity (Adventure One QSS Inc.), named as a defendant in court filings; reports say the full board and the CEO's stake have not been disclosed, and NPR reportedly found no sign of the Panama entity at its address. QCX LLC was acquired in July 2025 for $112M.

🏦Where your money goesBanking & payment chainCaution

US product: fully collateralised, cleared by a CFTC-registered clearing organisation, with FCM-intermediated access and NFA surveillance. International product: USDC on Polygon, self-custody, outside a traditional regulated payment chain. Dispute resolution is outsourced to UMA token-holder voting.

⚖️Regulator actionsRegulatory actionsProblem

CFTC order (Jan 2022): $1.4M penalty and cease-and-desist against Blockratize for an unregistered swap facility. Reuters reported on 27 Oct 2026 that the CFTC is investigating whether Polymarket breached that settlement (geolocation controls, US advertising, onboarding); earlier CFTC/DOJ probes closed in 2025 without charges; insider-trading probes reported (no wrongdoing established). Non-US: Dutch Ksa ordered a stop, fined €420,000 and moved to block (Polymarket is challenging in court); France's ANJ ordered ISP blocking on 16 Jul 2026; Portugal, Hungary, Spain, South Korea, Brazil, Argentina and India also took blocking or ban actions. US states: New York AG filed a petition against QCX LLC alleging unlicensed gambling; Ohio sent a cease-and-desist (Oct 2026) which Polymarket US is contesting in federal court; Tennessee issued a cease-and-desist in Jan 2026.

📰News & reputationAdverse media & OSINTCaution

Credible media report allegations of a misleading influencer campaign with staged winning bets (WSJ, June 2026: 1,105 videos, about $1.9M simulated wagers). CMO Matthew Modabber was reportedly fired after an internal investigation (NY Post, 22–23 Oct 2026; company has not confirmed). Insider-trading concerns surround Iran and other event markets, and a $3.1M phishing incident affected user wallets. Reports allege UMA-resolved disputes were manipulated.

💬Customer experienceCustomer conductCaution

Trustpilot shows 1.3/5 (about 649 reviews), with reviewers citing withdrawal problems, locked funds and unresponsive support; BBB rating F. A public-interest suit by the National Association of Consumer Advocates (D.C. Superior Court, filed 26 Jun 2026) alleges deceptive marketing and undisclosed paid endorsements; these are allegations. UMA-resolved dispute outcomes have drawn criticism. Apple App Store score is 4.5/5.

How we rate: methodology.

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Licences & registrations

Regulator / registerTypeNumberStatus
CFTC (US)Designated Contract Market – QCX LLC d/b/a Polymarket US49571 (CFTC filing ID)Active
CFTC (US)Derivatives Clearing Organization – Polymarket Clearing / QC Clearing LLCActive

People & network

People (public registers)

  • Shayne Coplan · Founder and CEO; executive officer/director (Form D) · source
  • Bart Stephens · Director (Form D) · source

Version history

  • 2026-10-28 Red signal Automated profile created from public sources

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