Polymarket’s Panama HQ Shares Law Office Linked to FTX
Reporters found Polymarket’s listed Panama HQ is an empty shared law office used by more than a dozen crypto firms and a law firm that did work for FTX.
Reporters who visited the 21st floor of Panama City’s Oceania Business Plaza found no active Polymarket operation at the address the prediction market lists as its Panama headquarters. The suite contained empty workstations and an employee who said they had never heard of Polymarket or Adventure One QSS Inc., the entity registered at that address.
Public records and corporate filings show Adventure One QSS Inc. is one of at least 15 crypto-related companies that use the same Panama law office as a registered corporate base. Companies tied to the address include Helix, Drift Protocol, Goldfinch and Parti, a prediction-market live-streaming site that partners with Polymarket. The office is run by attorney Mario García de Paredes.
Bankruptcy documents for the collapsed exchange FTX list García de Paredes’ firm as an unsecured creditor owed $13,889 for prior legal work. FTX’s founder is serving a 25-year prison sentence following criminal convictions.
Polymarket moved primary operations offshore after U.S. enforcement action in 2022 over operating without a license. In 2024, FBI agents searched CEO Shayne Coplan’s Manhattan apartment and seized electronic devices. Prosecutors later closed an investigative probe, and the company has taken steps toward creating a regulated U.S. version of the platform. Donald Trump Jr. joined an advisory board for the company through his fund, 1789 Capital. On Polymarket’s offshore exchange, reported April trading volume exceeded $8 billion. U.S. authorities have charged at least one service member who allegedly used a VPN to place a bet related to the toppling of Nicolás Maduro.
Lawyers describe several reasons why Panama attracts crypto firms. Bruce Zagaris, a Washington attorney who specializes in international criminal law, observed, “From a tax and regulatory point of view, Panama offers many advantages.” Panama does not impose income tax on companies that operate outside the country, and foreign court judgments generally require approval from Panama’s Supreme Court before they can be enforced locally.
Corporate paperwork continues to list the Panama address as the official headquarters for Adventure One QSS Inc.
