The intrigue surrounding Polymarket is undeniable. The government has accused both a Special Forces soldier and a long-time Google employee of using prediction markets for insider trading, resulting in substantial financial gains. CEO Shane Coplan’s apartment was famously raided by FBI agents, who forcibly entered using a battering ram. Moreover, one of the executives even promoted the company through his personal PayPal account.
One of the most intriguing aspects of Polymarket revolves around its structure. What is the status of this Panama-based company created to meet federal settlement requirements? Notably, reports suggest that some of Polymarket’s staff may have been operating from New York.
The prediction market related to Donald Trump Jr. is particularly intricate. In 2022, federal regulators deemed the company an unlicensed derivatives exchange, prohibiting it from operating in the U.S. A Panamanian corporation, Adventure One QSS, was established as first reported by Sportico. Adventure One QSS operates Polymarket’s primary platform but is based offshore. The only U.S. entity that legally serves customers is Polymarket US, founded in 2025 and managed by QCX LLC.
Despite its offshore corporate structure, WIRED has uncovered that Adventure One QSS has staff located outside the United States. Former employees have indicated that some team members worked out of the Manhattan headquarters but had no contact with Panama-based staff.
This oversight is significant. The 2022 settlement imposed a $1.4 million fine on Polymarket and Blockratize, mandating compliance with the Commodity Exchange Act. Former CFTC officials have questioned the presence of Adventure One’s staff, emphasizing the importance of ensuring that employees are genuinely located in Panama.
As reported by Sportico, Adventure One QSS was first incorporated with Panamanian residents, including lawyer Mario Ernesto García de Paredes as the “resident agent”. Two months later, Diana Muñoz was replaced as president by Shane Coplan. Omar Camargo was listed as secretary. Neither García de Paredes nor Muñoz could be reached for comments.
Previous investigations, including NPR’s, revealed that the company’s Panama City headquarters was vacant, with no staff residing there. This raises questions about the operational efficiency of Adventure One QSS’s employees based in the United States, who reportedly have been active and productive. A former employee noted that the division of roles between U.S. and Panama was virtually nonexistent.
Source: www.wired.com