US media investigation: Polymarket’s Panama headquarters is a law firm that previously provided services for FTX

In an investigation published on May 5 by National Public Radio (NPR), reporters went to the Panama headquarters address registered by Polymarket—the 21st floor of Oceania Business Plaza in Panama City—and found no trace of Polymarket or any of its Panamanian legal entities on site. The office at that address, belonging to García de Paredes Law Firm, previously provided legal services to FTX.

NPR on-site investigation findings

According to NPR’s investigative report, crypto companies registered at the same address include Helix, Drift Protocol, Goldfinch, and Parti. Parti operates a prediction market livestream platform that directly partners with Polymarket. During its on-site visits, an NPR reporter obtained relevant government documents and confirmed that the workstations were empty; locals were also unaware of Polymarket.

Law firm background and ties to FTX

According to NPR’s investigative report, the office at the address was run by a law firm (García de Paredes Law Firm) operated by attorney Mario García de Paredes. Based on FTX bankruptcy documents reviewed by NPR, García de Paredes Law Firm previously provided legal services to FTX and was listed as an unsecured creditor in the FTX bankruptcy case, with an outstanding amount of $13,889. FTX founder Sam Bankman-Fried is currently serving a 25-year federal prison sentence for fraud.

Polymarket’s regulatory background in Panama

NPR reports that in 2022, the Biden administration penalized Polymarket for operating without a license, prompting it to move its business overseas. In 2024, FBI agents raided Polymarket CEO Shayne Coplan’s Manhattan apartment; after the Trump administration era began, regulatory pressure was eased, and the Department of Justice (DOJ) dropped the related investigation. According to NPR, Donald Trump Jr. later joined Polymarket’s advisory committee through his fund 1789 Capital.

Citing Washington attorney Bruce Zagaris (who specializes in international criminal law), NPR says Panama’s regulatory appeal includes: no income tax on income earned by offshore operating companies, and foreign court judgments requiring approval by Panama’s Supreme Court before they can be enforced locally.

Frequently asked questions

When did NPR publish its investigation into Polymarket’s Panama headquarters, and what were the key findings?

In an investigation report published by NPR on May 5, 2026, NPR reporters visited the 21st floor of Oceania Business Plaza in Panama City and found no trace of Polymarket or its legal entity Adventure One QSS Inc., while at least 15 other crypto companies were registered at the same address.

What is the connection between the law firm at the same address and FTX?

Based on FTX bankruptcy documents reviewed by NPR, García de Paredes Law Firm—operating the address—previously provided legal services to FTX and was listed as an unsecured creditor in the FTX bankruptcy case, with an outstanding amount of $13,889.

Why did Polymarket choose Panama as its place of registration?

NPR reports that in 2022 the Biden administration penalized Polymarket for unlicensed operations, prompting it to move overseas. Citing attorney Bruce Zagaris, NPR says Panama’s advantages include no taxes on income earned offshore and restrictions requiring foreign court judgments to be enforced locally only after approval.