Prediction market Polymarket has filed with the National Futures Association for a license to offer margin trading in the U.S. The application, submitted on July 3, 2026, is a key step in its U.S. expansion but still requires approval from the CFTC. The move intensifies Polymarket's rivalry with Kalshi, which secured similar approvals in March 2026 and posted significantly higher trading volumes in June.
Margin trading license application
- ▪Polymarket has applied for a U.S. license with the National Futures Association (NFA) to offer margin trading
- ▪Margin trading allows users to open positions with less upfront capital, increasing both potential payouts and risk
- ▪An FCM license would allow Polymarket to handle customer funds and margin in the same way as established futures intermediaries
CFTC rulebook approval needed
- ▪The CFTC must approve changes to Polymarket's rulebook that would permit trading without fully collateralized positions
- ▪In addition to NFA registration, Polymarket requires approval from the Commodity Futures Trading Commission (CFTC) to offer leveraged trading
Polymarket U.S. market return
- ▪Previously, Polymarket agreed to a $1.4 million settlement with the CFTC and ceased serving U.S. customers for offering unregistered derivatives
- ▪The platform is currently contending with a separate CFTC probe and a lawsuit over its marketing practices
- ▪Polymarket only returned to the U.S. market in late 2025 after a four-year absence
Prediction market industry growth
- ▪In June 2026, Kalshi recorded $33 billion in monthly trading volume, while Polymarket and its U.S. entity had a combined volume of nearly $14 billion
- ▪Prediction market volumes, which hit $51 billion in 2025, are on pace to reach about $240 billion in 2026
- ▪Polymarket's rival, Kalshi, received NFA approval for its affiliate, Kinetic Markets LLC, to operate as a registered FCM and swap firm in March 2026
National Futures Association filing
- ▪The main filings for futures commission merchant (FCM), NFA member, and swap firm registration were submitted by PM Derivatives LLC on July 3, 2026
- ▪The application was filed through Polymarket's U.S. affiliate, Coming Home GBA LLC.
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