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🔴 Info @TheBigWhale_ Comme nous le révélions il y a 2 semaines, @Polymarket n’est désormais plus accessible depuis la France 🇫🇷 On ne peut plus placer de paris Un vœu pieux, car j’ai réussi à en placer un grâce à un VPN
4:14 PM · Nov 22, 2024
Polymarket, a popular prediction betting platform, has suspended its services for French users following an investigation by France’s gaming regulator, the Autorité Nationale des Jeux (ANJ).
The move comes after significant scrutiny over a French trader’s massive bets on the outcome of the 2024 US presidential election, placing millions of dollars on a Donald Trump victory.
Polymarket’s US election betting controversy
Polymarket, which allows users to bet on future events through prediction markets, has been a controversial platform due to its reliance on cryptocurrency and its operation in regions with strict gambling regulations.
Until recently, French users were a key part of the platform’s market.
However, after the recent controversy involving a French trader, Polymarket preemptively blocked access for all users based in France.
The controversy began when a French trader placed approximately $45 million worth of bets on the outcome of the 2024 US presidential election, with the potential for a $19 million profit if Trump won.
This high-stakes activity attracted significant attention, raising concerns about potential insider trading and regulatory compliance.
Notably, the size of the trader’s position caught the eye of international media, prompting the ANJ to initiate an investigation into whether Polymarket was operating illegally under French gambling laws.
Polymarket has disabled trading for French users
Following the ANJ investigations, Polymarket has disabled the trading function for users in France although French IP addresses could still access the platform.
A pop-up message now appears when users attempt to access the platform from France, informing them that trading is not available to users located in the United States, France, or other restricted jurisdictions.
This move mirrors previous actions taken by Polymarket in the United States, where it has blocked access to its services since 2022 following a settlement with the Commodity Futures Trading Commission (CFTC).
The settlement with the CFTC in 2022 resulted from Polymarket’s operation as an unregistered trading platform. As part of the agreement, the platform ceased offering its services to US users, further compounding the company’s legal troubles in multiple jurisdictions.
Polymarket launched in 2020 and quickly gained traction, raising $74 million in funding from venture capitalists and figures in the cryptocurrency space, including Ethereum co-founder Vitalik Buterin.
Despite its rapid growth, the platform’s reliance on cryptocurrencies and its approach to online betting have kept it in the crosshairs of regulatory bodies.
Despite its efforts to comply with regulations, Polymarket’s status as an unlicensed gambling platform has continued to draw scrutiny from global regulators.
As the ANJ continues its investigation, Polymarket’s future in France remains uncertain. The platform’s decision to block French users signals its anticipation of further regulatory hurdles in the country.
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