NPR’s went to Polymarket’s elusive Panama HQ : NPR

Key Points:

• Polymarket, a $15 billion prediction market site, relocated its corporate base to Panama following U.S. regulatory scrutiny, using a law office in Panama City that also houses multiple cryptocurrency companies and served clients like the collapsed FTX exchange.
• After a 2022 U.S. settlement requiring Polymarket to cease domestic operations and pay a $1.4 million fine for operating without a license, the company shifted overseas, where billions are traded weekly on bets including politically sensitive topics illegal under U.S. law.
• Despite the Biden administration's crackdown, the Trump administration embraced Polymarket, with Donald Trump Jr. advising the company and investing millions, while Polymarket remains technically banned in the U.S. but accessible in a limited "view-only" mode.
• Experts note that Panama offers significant tax advantages and legal protections, including shielding companies from foreign court judgments, which likely influenced Polymarket's choice to establish its legal residence there.
• Concerns persist about Polymarket's ability to prevent U.S. users from accessing its offshore platform, highlighted by a recent indictment involving a U.S. soldier allegedly using a VPN to place illicit bets, raising questions about regulatory enforcement and compliance.