Polymarket, a prediction‑market platform once shielded by a U.S. license, now lists its headquarters on the 21st floor of Panama City’s Oceania Business Plaza. NPR’s visit uncovered only a law‑firm lobby, no Polymarket employees. The address, shared by more than a dozen crypto firms, points to a shell company that houses the site’s legal and financial operations for cryptocurrency trading.

Polymarket’s move to Panama followed a 2022 settlement that fined the company $1.4 million and forced it to shut its U.S. exchange. Panama offers tax‑free status and limited regulatory scrutiny, letting the platform trade billions weekly on bets about wars, elections and disasters—activities barred under U.S. commodities law for global investors who seek high risk returns while avoiding legal penalties in.

Despite its offshore shell, Polymarket remains under federal scrutiny. FBI raids and a former CFTC chairman’s comments spotlight gaps in enforcing VPN bans and geofencing. The company’s opaque structure, shared office space with firms like FTX and Helix, underscores how crypto operators use Panama to shield assets and evade U.S. oversight while still funneling massive trades for global betting markets.