Polymarket, a popular platform for prediction betting, has suspended services to French customers following an investigation conducted by France’s gaming regulator Autorite Nationale des Jeux.
This move follows a French trader who placed millions of dollars of bets in 2024 on Donald Trump’s victory.
Polymarket’s US Election Betting Controversy
Polymarket is a platform that allows its users to wager on the future through prediction markets. It has become controversial due to its use of cryptocurrency, and because it operates in areas with gambling laws.
French users made up a large part of the market until recently.
Polymarket, however, blocked all access to users in France after a recent dispute involving a French trader.
A French trader bet $45,000,000 on the US Presidential election of 2024, which could have resulted in a profit of $19 million if Trump was elected.
The high stakes activities attracted a lot of attention and raised concerns over potential insider trades.
The size of the position of the trader caught the attention of international media. This prompted the ANJ into initiating an investigation to determine whether Polymarket violated French gambling laws.
Polymarket disables trading for French Users
Polymarket, in response to the ANJ investigations, has blocked the access of French IP addresses from the platform. However the users can still trade on the platform.
Users in France will now receive a pop-up warning when they try to access the platform. This message informs them that the trading platform is only available for users in France or the United States.
Info @TheBigWhale_ Comme nous le revelions il y a 2 semaines, @Polymarket n’est desormais plus accessible depuis la France On ne peut plus placer de paris Un voeu pieux, car j’ai reussi a en placer un grace a un VPN
Polymarket has taken similar actions in the United States. It blocked access to their services from 2022, following a settlement reached with the Commodity Futures Trading Commission.
Polymarket was operating as a trading platform that wasn’t registered in the CFTC. The platform was required to cease offering services in the US as part of the settlement, which further compounded the legal problems the company faced across multiple jurisdictions.
Polymarket was launched in 2020. It quickly gained momentum, attracting $74 million from investors and cryptocurrency figures, such as Vitalik Buterin, co-founder of Ethereum.
The platform has been in the sights of regulators for a long time, despite its rapid expansion. Its use of cryptocurrencies as well as its online betting approach have made it a target.
Polymarket, despite its attempts to adhere to regulations, has been scrutinized by global regulators for being an unlicensed gaming platform.
Polymarket’s French future remains in doubt as the ANJ investigates. In anticipation of more regulatory obstacles in France, the platform has blocked French users.
The post Polymarket suspends service in France amid investigation of betting dispute may be updated as new developments unfold.
