Approved by NFA, Polymarket Subsidiary Still Needs CFTC Approval to Launch Futures Brokerage Business

Odaily Reports: The NFA has approved PM Derivatives LLC, a subsidiary of Polymarket, to operate as a Futures Commission Merchant (FCM). An NFA spokesperson stated that the subsidiary has met all requirements for FCM registration, but actually conducting futures brokerage business still requires approval from the U.S. Commodity Futures Trading Commission (CFTC). If approved, PM Derivatives would be able to act as an intermediary to receive client orders and funds; Polymarket stated that the subsidiary plans to adopt a fully collateralized model, requiring clients to provide sufficient funds for all positions at the time of execution. The CFTC is currently still investigating Polymarket.