NPR investigators went looking for Polymarket's official headquarters in Panama City and found a law firm with no knowledge of the company. The wildly popular prediction market, valued at an estimated $15 billion, lists its corporate office on the 21st floor of the Oceania Business Plaza—but the address leads to a law office that hasn't heard of Polymarket or its Panamanian entity, Adventure One QSS Inc.
The Panama Advantage
Polymarket moved to Panama after being shut down by U.S. regulators in 2022. The country offers no income tax for offshore companies and no capital gains tax on investments. More importantly, Panamanian law treats foreign court judgments as presumptively invalid, making it extremely difficult to enforce legal decisions against companies based there.
A Crypto Hub
At least 15 other crypto companies use the same law office as their headquarters, including Helix, Drift Protocol, and Goldfinch. The office also did work for FTX, the collapsed exchange whose founder Sam Bankman-Fried received a 25-year prison sentence.
From FBI Raid to White House Invitations
Just months ago, FBI agents used a battering ram to break down Polymarket CEO Shayne Coplan's door. Now, Donald Trump Jr. is an adviser, his venture capital firm invested millions, and Coplan has been invited to the White House. The Justice Department dropped its investigation, and Trump's regulators approved a deal for a separate version of Polymarket to re-enter the U.S.
The VPN Problem
Despite the Trump administration's embrace, Polymarket's main site remains technically banned in the U.S. under the 2022 settlement. The company says it uses "view-only mode" for Americans, but an indictment last month shows a U.S. Army master sergeant used a VPN to place $33,000 in bets on Venezuelan leader Nicolás Maduro's capture—using classified information from his role in the operation.
Regulatory Questions
Former CFTC Chairman Timothy Massad says Polymarket could do more to prevent U.S. users from accessing its overseas exchange, such as requiring GPS verification instead of relying on IP-based geofencing. International criminal law expert Bruce Zagaris warns that while the current administration takes a hands-off approach, "if you don't have law enforcement difficulties with this administration, they might have them in the next."
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