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There is no shortage One of the crazy details about Polymarket. The government claims that it is both Special forces soldier and Longtime Google employee Use the prediction market to make small fortunes via insider trading; CEO Shane Coplan had his apartment I raided By FBI agents, who entered through the hammer; Reportedly, and one of its executives Paid influencers Through his personal PayPal account to hype the company.
But one of Polymarket’s biggest oddities has remained somewhat ignored: What’s going on with the Panama-based company it created to comply with the settlement it reached with the federal government? And why, as WIRED reports, do some of the Panamanian company’s employees appear to have worked out of New York?
Market prediction with relationships with Donald Trump Jr It has an unusually complex setup. In 2022, federal regulators said it was operating as an unlicensed derivatives exchange, expelled it from the country, and barred it from serving U.S.-based clients. Before the ban, Adventure One QSS, a corporate entity in Panama, was created as Reported for the first time From Sportico. Adventure One QSS was based overseas so he could do this more Operational responsibilities for the main Polymarket platform. Another US-based company, Polymarket US, was created in 2025 and is overseen by an entity called QCX LLC. To this day, Polymarket US is the only Polymarket platform that can legally serve US clients.
Despite this structure, WIRED found that Adventure One QSS has employees working outside the United States. Former Polymarket employees told WIRED that some Adventure One QSS employees resided in New York, including some who worked out of the company’s Manhattan headquarters.
These employees did not travel to Panama, report to anyone in Panama, or interact with colleagues based in Panama — because, they say, there were no colleagues there. Instead, they say, the Adventure One QSS team has spread to a number of other countries, including the United States.
The finer points of this structure are important. The 2022 settlement imposed a $1.4 million fine on Blockratize, a corporate entity linked to Polymarket, and ordered it to “liquidate” markets that violated the Commodity Exchange Act. The agreement also requires the company to stop violating the CEA and other Commodity Futures Trading Commission regulations. Former CFTC employees see Adventure One employees’ position as relevant to the agreement. “We would have really liked to have known that the people who were allegedly in Panama were not actually in Panama,” one former CFTC lawyer told WIRED.
Like Sportico I mentioned, I did Adventure One QSS Name at the beginning Residents of Panama in its incorporation papers in 2021, including Mario Ernesto García de Paredes, the lawyer referred to as the “resident agent” of the company. A woman named Diana Munoz was listed as the company’s president for two months before she was replaced by Polymarket CEO Shane Coplan, who is based in New York. Another man who appears to be based in Panama, Omar Camargo, is listed as secretary. García de Paredes did not respond to WIRED’s requests for comment, and Munoz and Camargo could not be reached to clarify their roles. Munoz and Camargo appear to have worked together before; they included As executives in securities filings associated with a company called the Internet Art Foundation.
WIRED’s reporting is consistent with previous coverage from NPR, which Found That the company’s headquarters in a skyscraper in Panama City was empty and that the company had no employees based in Panama. In contrast, Adventure One QSS workers in the United States were allegedly productive and present. Workers in New York who “touched the code,” did event contracts, or otherwise interacted with the external platform were all technically working for Adventure One QSS, “but there was no barrier” dividing the company’s arms in practice, one former Polymarket employee said.
