Polymarket takes steps toward U.S. margin trading amid regulatory scrutiny
Prediction-market platform Polymarket has filed three registration applications with the National Futures Association (NFA) as it looks to roll out margin trading for U.S. users.
According to the NFA’s BASIC database, an affiliate identified by Bloomberg as Coming Home GBA LLC submitted the filings through PM Derivatives LLC on July 3. The applications request registration as a futures commission merchant (FCM), NFA membership, and recognition as a swap firm. Approval as an FCM would let Polymarket offer trades in which users post only a portion of a contract’s value up front—that is, leveraged or margin positions. The platform would still need Commodity Futures Trading Commission (CFTC) authorization before launching leveraged event contracts in the U.S.
Polymarket is not alone: rival prediction market Kalshi’s affiliate, Kinetic Markets LLC, completed the NFA stage earlier this year, receiving approval as a registered FCM and swap firm in March 2026.
The timing of Polymarket’s filings comes while the company faces multiple regulatory and legal headwinds. Bloomberg has reported that the CFTC is probing several aspects of Polymarket’s business, including its social-media operations. One reported line of inquiry concerns allegations that the company hired content creators to post promotional videos showing simulated trades and fabricated winnings; Polymarket has not publicly addressed those claims.
Legal pressure has also surfaced in the courts. On July 3, two New York users sued the platform over how a market tied to whether “Strategy” would sell Bitcoin by May 31, 2026, was resolved. The plaintiffs allege Polymarket denied payouts to “Yes” holders even though Strategy disclosed selling 32 BTC in an SEC filing. The complaint claims the platform altered the market’s clarification language after the fact and used the timing of the disclosure—rather than the sale itself—to mark the contract “No.” Those allegations are unproven.
Separately, Polymarket continued product development this week by adding instant self-custodial Bitcoin deposits via the Lightning Network. Payment protocol Spark said the integration credits deposits within seconds after checking double-spend risk, fee levels, and replace-by-fee signals—an upgrade aimed at speeding and securing on-ramps for crypto users.
Polymarket’s NFA filings mark a concrete step toward margin products in the U.S., but any move to offer leveraged event contracts will hinge on CFTC approval and how ongoing probes and litigation unfold.
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