Polymarket's Engineering Vice President Josh Stevens responded on X on May 28 to The Information regarding a report that “Polymarket plans to require all users to complete KYC,” confirming that the report is false. Stevens confirmed on X that the company is rolling out a new beta product that allows a small group of users to try it out; KYC requirements apply only during this test period.
Beta details confirmed by Stevens on X and the current KYC status of the existing platform
Stevens’s original post on X confirmed: “We are rolling out a new beta product and allowing a small group of users to try it out. During this test period, KYC is required only. With this launch, we will not add KYC to any part of the existing polymarket.com. After this product finishes the testing phase, using it will require no KYC.”
For international users, basic wallet connect transactions are still effective and allow depositing USDC on Polygon without uploading personal documents. Polymarket’s U.S. division is different: after Polymarket acquired a CFTC-authorized exchange in 2025, the U.S. division requires all U.S. users to complete the full KYC process. This requirement stems from the $1.4 million CFTC settlement in 2022 over Polymarket failing to register binary options.
VPN control policy and AML trigger conditions confirmed by Polymarket
In The Information’s report (which Stevens denied only the “fully mandatory KYC” portion, not the content related to VPN controls), it confirms that Polymarket has strengthened VPN controls, and accounts that bypass IP geo restrictions face the risk of being suspended or blocked.
Traders holding seven-figure positions or running a cycle of five-figure quick deposits—trading—withdrawals will trigger Polymarket’s internal AML thresholds and enter an identity verification process. Users who voluntarily complete KYC or KYB forms receive exclusive benefits directly hosted on Polymarket’s main servers, reducing trading latency for active traders. More than 33 countries are already facing broad restrictions or technical blocks, covering jurisdictions subject to OFAC sanctions.
FAQ
What exactly did Stevens deny, and what facts did he confirm?
Stevens denied the claim that “Polymarket plans to require all users to complete KYC.” The facts he confirmed are: a brand-new beta product requires some trial users to complete KYC during the testing period; no part of the existing polymarket.com adds KYC; and using the product after the test ends requires no KYC.
What specific requirements does the House Oversight Committee’s investigation into Polymarket call for, and what is the deadline?
According to the report, investigators from the U.S. House Oversight Committee have asked Polymarket to provide KYC records and records of geographic enforcement by June 5, 2026. The specific scope of issues and subsequent actions in the investigation were not made public as of May 28.
How do KYC requirements differ between Polymarket’s U.S. division and its international division?
According to the confirmed report, Polymarket’s U.S. division requires all U.S. users to complete full KYC after acquiring a CFTC-authorized exchange. In the international division, basic wallet connect transactions are still possible without uploading personal documents, but accounts that bypass geo restrictions via VPN and high-frequency large-volume traders face higher risks of identity verification requirements.
