Polymarket has clarified that its Know Your Customer checks cover only the Perps Beta testing phase — not the main prediction market platform. The announcement comes amid heightened regulatory scrutiny as the company navigates restrictions in several jurisdictions.
What triggered the clarification
The company faced questions from users and regulators over whether mandatory identity verification would expand to all markets. In a statement, Polymarket explained that KYC requirements are exclusive to the Perps Beta, a separate product for perpetual contracts that's still in testing. The core platform, where users bet on events like elections and sports, remains open without identity checks.
Why Perps Beta is different
Perps Beta lets traders speculate on perpetual futures tied to real-world outcomes. That product carries higher leverage and different risks, the company said, which is why it's being tested under restricted conditions. Global restrictions forced Polymarket to limit the beta to certain regions and to require identity verification for participants.
Regulatory backdrop
Polymarket has faced increased attention from regulators worldwide. The clarification arrives as several countries tighten rules around prediction markets and crypto-based derivatives. By keeping KYC limited to the beta, Polymarket draws a line between experimental contract types and its core election and sports markets, which have drawn the most user volume.
What remains unresolved
The company hasn't said whether it plans to eventually bring KYC to the main platform. That decision may depend on how regulators rule on prediction market status in key markets like the U.S., where the Commodity Futures Trading Commission has signaled interest. For now, most users won't notice a change — but the Perps Beta testers will need to upload ID before trading.
