Polymarket's PM Derivatives wins National Futures Association approval as futures commission merchant

PM Derivatives, LLC, Polymarket's broker affiliate, has been approved by the National Futures Association to operate as a Futures Commission Merchant on a fully collateralized basis. The approval completes Polymarket's three-part U.S. derivatives infrastructure: exchange QCX LLC (Polymarket US), clearinghouse QC Clearing LLC, and now a broker. PM Derivatives can accept and carry customer orders and funds under CFTC and NFA safeguards, enabling partnerships in jurisdictions requiring a regulated broker. All positions must be fully funded at trade; margin offerings would need further approval. CEO Nikhil Joshi called the approval foundational, citing ongoing capital and compliance obligations.

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