"Polymarket, which is worth an estimated $15 billion, moved to its Panama base following scrutiny from American regulators. If Polymarket users have a legal dispute, the company's terms of service states it will be resolved in a closed-door arbitration process in Panama."
"When NPR recently visited the law office listed as its home base in Panamanian government documents, there was no sign of Polymarket, nor the entity it does business as in Panama, Adventure One QSS Inc."
"Public records show that Polymarket is far from alone in using this Panama City law office as a headquarters in an office park known as the Oceania Business Plaza."
"Court filings show the law office also did work for FTX, the now-collapsed exchange whose founder, Sam Bankman-Fried, was handed a 25-year prison sentence in the fraud scandal that took down the crypto empire."
Polymarket, a prediction market site valued at $15 billion, relocated to Panama due to regulatory scrutiny in the U.S. Its terms of service mandate arbitration in Panama for disputes. However, a visit to the law office listed as its headquarters revealed no signs of Polymarket or its Panamanian entity, Adventure One QSS Inc. The office appeared to be a shared space with multiple unoccupied stations. Other cryptocurrency companies also use this law office, which has connections to the collapsed FTX exchange.
Read at www.npr.org
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