Polymarket wins NFA approval to operate as a US futures broker

Polymarket's affiliated entity PM Derivatives, LLC received approval from the National Futures Association to operate as a Futures Commission Merchant, completing the third pillar of the company's US derivatives infrastructure.

The broker will operate on a fully collateralised basis, requiring customers to fund positions in full at the time of each trade. QCX LLC runs the exchange under the Polymarket US name, QC Clearing LLC handles clearing, and PM Derivatives now covers brokerage — three separate entities, one integrated structure.

The FCM registration does not replace Polymarket's existing brokerage arrangements. Current partners retain access to Polymarket US markets for their own customers. The new entity adds an intermediated layer and opens a regulated route for distribution partnerships in jurisdictions where derivatives access requires a licensed broker intermediary.

Any expansion into margin services would require a separate regulatory approval. The National Futures Association and the CFTC both retain oversight of PM Derivatives under standard FCM requirements.