Polymarket, the prediction market platform with ties to Donald Trump Jr., has an unusually opaque corporate structure that even some former employees struggle to explain, according to WIRED. Central to the confusion is Adventure One QSS, a Panama-based entity set up so Polymarket could keep running its flagship platform after being barred from serving US customers in 2022, yet former staff say some of its employees actually worked from the company's Manhattan headquarters rather than Panama. This matters because the 2022 settlement with US regulators required the company to stop violating derivatives trading rules, and former CFTC officials say the real location of Adventure One's workforce is directly relevant to whether that agreement was honoured.

Federal regulators fined the associated entity Blockratize $1.4 million in 2022 and ordered it to wind down non-compliant markets, while a separate US-facing platform, Polymarket US, was launched in 2025 under an entity called QCX LLC. Incorporation papers named Panama residents, including a "resident agent" and a company president later replaced by CEO Shayne Coplan, but those individuals could not be reached to clarify their roles, and reporting by NPR previously found Adventure One's Panama City office to be empty. Former employees told WIRED that Adventure One staff, including those "touching code" or setting up event contracts, were in fact scattered across several countries, including the US, with no Panama-based colleagues at all.