Polymarket’s official Panama headquarters does not appear to function as such, according to a new investigation that found no trace of the prediction market giant at the law office it lists as its corporate base.
Reporters who visited the 21st floor of Panama City’s Oceania Business Plaza found empty workstations and an employee who had never heard of Polymarket or its Panama entity, Adventure One QSS Inc.
Inside the Empty Office Polymarket Calls Home
Public records reportedly reviewed by NPR show Polymarket is far from alone. At least 15 other crypto companies use the same Panama City law firm as their registered base.
Names listed at the address include Helix, Drift Protocol, Goldfinch, and Parti. Parti runs a prediction-market live-streaming site that partners directly with Polymarket.
“We looked into Polymarket’s presence in Panama, obtained its government paperwork and visited its headquarters in Panama City. There was no sign of Polymarket. Nobody had heard of Polymarket there. After more digging, we found that more than a dozen other crypto companies were not just incorporated there but also claim the address as their HQ. Turns out, SBF even did business with the the office listed as Polymarket’s HQ,” noted Bobby Allyn of NPR.
The office is reportedly run by attorney Mario García de Paredes. His firm (García de Paredes Law) also did legal work for FTX, and is listed in FTX bankruptcy filings as an unsecured creditor owed $13,889 for prior legal work.
Founder Sam Bankman-Fried is serving a 25-year prison sentence for fraud. A bankruptcy filing lists the law office as a creditor owed $13,889 by the collapsed exchange.
Why Crypto Firms Choose Panama
The Biden administration penalized Polymarket in 2022 for operating without a license, prompting the company to relocate offshore. By 2024, FBI agents raided CEO Shayne Coplan’s Manhattan apartment.
Trump-era officials have since eased the pressure. The Justice Department dropped its probe.
Donald Trump Jr. later joined the advisory board through his fund 1789 Capital.
A regulated U.S. version of the company is now plotting a domestic return.
April volume on the offshore exchange exceeded $8 billion. Last month, prosecutors indicted a U.S. Army master sergeant for using a VPN. He allegedly bet on the toppling of Venezuelan leader Nicolás Maduro.
Lawyers say the appeal of Panama goes beyond tax. There is no income tax on companies operating outside the country. Foreign court judgements also require approval from Panama’s supreme court before they can be enforced locally.
“From a tax and regulatory point of view, Panama offers many advantages,” NPR reported, citing Bruce Zagaris, a Washington lawyer who specializes in international criminal law.
