PANAMA CITY — When NPR visited the law office listed as Polymarket's headquarters on the 21st floor of the Oceania Business Plaza in Panama City, it found no sign of the prediction market platform or its affiliate Adventure One QSS Inc. Polymarket is estimated to be worth $15 billion.

Inside, a nondescript corporate lobby opened into a large space with about a dozen unoccupied computer stations in the middle of the room. An office worker said the attorney who runs the firm, Mario García de Paredes, was not available, and added that the worker had never heard of Polymarket or Adventure One QSS Inc.

Public records show that at least 15 other cryptocurrency companies list the same law office as their headquarters, including Helix, Drift Protocol, Goldfinch, and Parti. Court filings show the firm also did legal work for FTX. In a bankruptcy document detailing unpaid FTX debts, the law firm is listed as being owed $13,889.

Polymarket set up operations in Panama after winding down its U.S. business. Panama has long been a popular tax haven for American firms looking for an offshore subsidiary.

Billions of dollars are traded weekly on Polymarket's overseas exchange, including bets on war, military strikes, and the toppling of world leaders. In April 2025, less than $1 billion was traded on Polymarket. In April 2026, more than $8 billion was traded.

Topics offered on the exchange include the likelihood of a nuclear detonation, the spread of a California wildfire, and when the U.S. will strike Iran.