NPR reporters traveled to Panama to find Polymarket's claimed headquarters and discovered the address leads to a law office that has never heard of the company.
The prediction market platform, which handles millions in crypto bets on political outcomes, appears to have no physical presence in the country it claims as home.
This is classic crypto opacity - routing money through jurisdictions with minimal oversight while claiming legitimacy.
NPR visited the 21st floor of the Oceania Business Plaza in Panama City, where Polymarket lists its official headquarters for Adventure One QSS Inc., the company's Panamanian business entity. What they found:
- No sign of Polymarket or Adventure One - A corporate law firm run by attorney Mario García de Paredes - Office workers who had never heard of Polymarket - At least 15 other cryptocurrency companies claiming the same law office as their headquarters
Polymarket became huge during the 2024 election cycle, with users placing massive bets on political outcomes. The platform positioned itself as a more accurate predictor than traditional polls, gaining mainstream media attention and substantial trading volume.
Now we're learning their corporate structure may be as fictional as some of their markets.
Corporate law experts note that housing businesses in shell companies via offshore jurisdictions is "often a strategic move to protect a firm's wealth or shield it against lawsuits and action from government regulators."
Panama's legal framework is particularly attractive: no income tax on foreign earnings, difficulty enforcing foreign court judgments, and minimal disclosure requirements. These are features, not bugs, for companies that want to operate with maximum flexibility and minimum accountability.
Polymarket was previously fined by the US Commodity Futures Trading Commission and required to cease US operations for operating without proper licensing. The company now officially blocks US users, but enforcement is spotty - VPNs work fine.
The Panama headquarters claim appears designed to establish jurisdiction outside US regulatory reach while maintaining the appearance of being a legitimate registered business entity.
