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Home»Regulation»France considers Polymarket ban after local trader makes $80 million from Trump’s victory
France considers Polymarket ban after local trader makes $80 million from Trump's victory
Regulation

France considers Polymarket ban after local trader makes $80 million from Trump’s victory

2024-11-07No Comments2 Mins Read
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France’s gambling regulator, the National Gaming Authority (ANJ), is expected to block access to Polymarket, a major cryptocurrency-based prediction platform, local news channel The Big Whale reported.

Such a move would be one of the country’s strongest regulatory moves against a crypto entity. Known for its blockchain-driven betting on global events, Polymarket gained widespread attention during the recent US presidential election, attracting more than $3.2 billion in bets worldwide.

According to sources familiar with the matter, ANJ’s move comes amid growing concerns over the platform’s classification as a gambling activity under French law.

On November 5 alone, users placed $294 million in bets on the platform. A source close to the ANJ stated:

“Polymarket’s model involves betting on uncertain outcomes, which qualifies it as gambling under French regulations, regardless of crypto activities.”

While Polymarket operates from the US and restricts access to US users, a French trader’s high $30 million bet on a Donald Trump election victory has reportedly caught the attention of ANJ. The trader made approximately $80 million from various bets on the outcome.

Polymarket’s unique model allows users to bet on predictions in various categories – from financial markets to political events – using crypto transactions on a decentralized blockchain network.

The platform launched in 2020 and has raised $74 million in funding, with support from notable figures such as Ethereum co-founder Vitalik Buterin. While the platform’s supporters advocate using blockchain to create a transparent prediction market, the lack of user identity checks poses regulatory challenges for authorities around the world.

Under French law, the ANJ has the power to restrict non-compliant online gambling platforms, even if these platforms do not directly target French users.

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Lawyers told the news outlet that ANJ’s actions could include blocking Polymarket’s domain in France and discouraging media outlets and third-party platforms from linking to it. However, because Polymarket’s account setup only requires a crypto wallet and no personal identification, users can bypass the restrictions by using VPNs.

The ANJ acknowledged that it is “investigating”. [Polymarket’s] operations and compliance with French gambling laws,” but did not specify a timeline for the expected restrictions.

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Ban considers France local Million Polymarket trader Trumps Victory
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