Polymarket's PM Derivatives gets NFA approval as a fully collateralized US futures broker
The approval gives Polymarket its own US broker next to its exchange and clearinghouse. It does not add margin trading, which needs a separate approval, and Reuters reports the broker still needs CFTC sign-off before it runs.
· Announced · Verified 2026-11-04 via official announcement
Announced Nov 3, 2026: Polymarket's PM Derivatives gets NFA approval as a fully collateralized US futures broker. Affects: US traders who reach Polymarket US through a broker or partner app. Source: prnewswire.com, verified Nov 4, 2026. Polymarket code dexsheet.
Polymarket said on 3 November 2026 that the National Futures Association (NFA) approved its affiliate PM Derivatives, LLC to operate as a futures commission merchant (FCM), a broker that can accept customer orders and hold customer funds. PM Derivatives will work only on a fully collateralized basis, so every position is paid for in full when it is opened.
Polymarket says the approval completes the three main parts of its US derivatives setup across affiliated companies: the exchange QCX LLC, which does business as Polymarket US; the clearinghouse QC Clearing LLC; and now the broker PM Derivatives. It says the broker gives it another regulated route to work with distribution partners and to expand into places where a regulated broker is required. Its existing FCM and brokerage partners will keep offering Polymarket US markets to their own customers.
Margin trading is not part of this approval. Polymarket says any future margin offering would need further regulatory approval. Reuters reports that Polymarket still needs approval from the Commodity Futures Trading Commission to run the FCM, and that the CFTC is currently investigating the firm. Polymarket has not given a date for PM Derivatives to start taking customers.
Nothing changes today for traders on the international polymarket.com site, which blocks US trading. US residents trade through Polymarket US, which is restricted or challenged in some states, including a Nevada court injunction, a New York lawsuit and a Michigan agreement that ends sports contracts there on 25 November 2026.
“PM Derivatives will operate exclusively on a fully collateralized basis, with all positions funded in full at the time of trade.”
— Polymarket press release, 3 November 2026
Who this affects
US traders who reach Polymarket US through a broker or partner app, and brokers that may route customers to Polymarket US. Users of polymarket.com outside the US are not affected.
Polymarket at a glance
Polymarket is a prediction market where users trade Yes/No outcome shares on an order book. It runs two separate platforms: the international, crypto-based polymarket.com on Polygon, and Polymarket US, a fiat, CFTC-regulated exchange operated by QCX LLC. The international site also lists perpetual futures.
More from the newsroom
Sources
Last checked . Fees and terms change often; the venue's own page wins if it disagrees with ours.
- Polymarket - Polymarket Receives National Futures Association Approval for Its Futures Commission Merchant, PM Derivatives (PR Newswire, 3 Nov 2026) — checked 2026-11-04
- Reuters (via KFGO) - Polymarket unit gets US industry organization's approval to be futures broker (3 Nov 2026) — checked 2026-11-04
- Finance Magnates - Polymarket Gets NFA Approval for Fully Collateralised US Brokerage (3 Nov 2026) — checked 2026-11-04
- The Block - Polymarket files applications to offer regulated margin trading in US — checked 2026-11-04
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