Key insights
- Prediction markets platform Polymarket laid off employees and ended contracts with several contractors, Bloomberg reported.
- The company has recruited executives from Amazon, Goldman Sachs, DoorDash, and Robinhood.
- South Korea restricted access to Polymarket after a regulator raised concerns about its markets.
Polymarket confirmed workforce reductions on Nov. 11, 2026, as rival Kalshi extended its prediction-market trading lead. The New York-based company dismissed employees and terminated contractor agreements during a broader restructuring.
Bloomberg first reported the cuts, which followed pressure on founder Shayne Coplan to improve business operations. Polymarket declined to disclose the number of affected workers.
Polymarket Changes Follow Market Position Against Kalshi
The workforce changes follow Polymarket losing its position as the largest prediction market exchange to rival Kalshi. The prediction markets industry expanded during this period, according to the information provided.
Meanwhile, the company has faced legal challenges in recent years. Founder Shayne Coplan also faced investor pressure to bring more discipline to business operations.
The company did not disclose how many employees or contractors were affected. It described the reorganization as part of preparations for its next phase of growth, following the appointment of new leadership.
Senior Hires Accompany Product and Exchange Changes
In September, Polymarket appointed Warren Jenson as its first chief financial officer. Jenson previously worked as a finance executive at Amazon. The company has also recruited senior executives from Goldman Sachs Group Inc., DoorDash Inc., and Robinhood Markets Inc.
Alongside those appointments, Polymarket launched a U.S.-regulated exchange earlier in 2026. The new exchange operates alongside the company’s existing blockchain-based platform.
The company also hired Jacob Horne, the former CEO of Zora, to work on its decentralized finance product. Coplan announced the appointment on Sept. 17 and said Horne would work closely with him on product development.
That hire followed complaints from some longtime crypto users about the onchain product. They said it had received less attention as Polymarket expanded its regulated U.S. operation.
Polymarket Faces U.S. Investigation and South Korea Restrictions
Polymarket’s workforce reductions also occurred amid continued regulatory scrutiny. Reuters reported on Oct. 27 that the U.S. Commodity Futures Trading Commission was examining the company’s compliance with a 2022 enforcement settlement.
That agreement required Polymarket to prevent U.S. customers from using its offshore prediction-market platform.
According to Reuters, investigators were reviewing customer-location controls and advertising practices.
The inquiry also covered onboarding and customer protections at the company’s newer regulated U.S. operation.
Neither the regulator nor Polymarket confirmed an enforcement finding. An investigation does not establish that the company violated the settlement.
Separately, South Korea restricted access to Polymarket in August.
Broadcaster SBS reported that the Korea Media and Communications Standards Commission approved the restriction on Aug. 18.
The regulator raised concerns that markets covering elections, sports and other events could facilitate illegal gambling.
The restriction preceded November’s layoffs and does not establish their cause.
Polymarket has not disclosed how the restructuring will affect staffing across its two platforms.
For the company, subsequent trading volumes and product releases will provide clearer evidence of its competitive position against Kalshi.
This article provides financial, business and regulatory information, not investment or legal advice. Prediction-market contracts involve financial, operational and regulatory risks. Regulatory investigations do not establish wrongdoing.
