Polymarket launches marketing campaign to regain trust after 4-year U.S. ban

Polymarket has initiated a campaign to rebuild trust with U.S. policymakers, regulators, and potential users after a four-year ban. This follows its return to the U.S. market with the acquisition of QCEX and the launch of a mobile trading app in December. The company is collaborating with social media influencers for viral marketing on platforms like TikTok and has formed partnerships with major sports teams and news outlets such as CNBC and CNN. Dan Lee, head of U.S. operations, stated that these efforts aim to legitimize Polymarket despite past challenges. The company's X account has 1.7 million followers, significantly outpacing rival Kalshi's 431,400 followers. This push comes after a Wall Street Journal investigation alleged that Polymarket used paid influencers to promote trades without proper disclosures. Four years ago, Polymarket ceased serving U.S. customers as part of a 1.4 million dollar settlement with the CFTC over unregistered derivatives. In late 2024, federal law enforcement raided CEO Shayne Coplan's home amid an investigation into potential violations of this agreement, but subsequent investigations were dropped without charges. Polymarket's U.S. operations resumed in December with a mobile app for betting on sports events under CFTC oversight.