Allium, a blockchain research firm, estimated that users based in the United States accounted for the largest share of political contracts and wallet count on Polymarket, according to a report released on Thursday. The study, which tagged 6% of wallets with a country, found that US participants are the single biggest political market on the platform despite attempts to block them.

Polymarket restricted US access to its global platform after a $1.4 million settlement with the Commodity Futures Trading Commission in 2022. The researcher said the block did not eliminate US involvement; it shifted activity offshore and beyond direct oversight.

Data indicated that US users are more active in foreign conflict markets, with five of the top twelve markets by notional volume relating to the Iran war, while interest in election markets was lower. Allium estimated that US trading volume on Polymarket totaled between $10.6 billion and $26.7 billion from May 2025 to April 2026, based on analyses of trade timing and market categories.

Polymarket has also been reported to block IP addresses associated with VPN services, according to The Information. The platform is fully blocked in more than 34 countries, including Spain, and operates under “close only” restrictions in four additional jurisdictions. Four regions in Canada and Ukraine are listed as restricted.

Cointelegraph contacted Polymarket for comment. The findings highlight the continued presence of US participants in a market subject to legal and political scrutiny.