France Eyes Possible Ban on Polymarket Over Gambling Concerns

France is considering potential restrictions on Polymarket, a platform that allows users to bet on future events using cryptocurrency, due to concerns that it may be operating as an unlicensed gambling service.

According to The Big Whale, a French web3 publication, the platform’s model falls within the legal definition of gambling under French law, which could lead to strict regulations or even a ban.

A source from the French National Gambling Authority (ANJ) explained that despite Polymarket’s use of cryptocurrencies, it still functions as a betting platform, which is illegal in France.

With over $3.2 billion in bets placed on major events like the US presidential election, Polymarket has raised $74 million from notable investors, including Ethereum co-founder Vitalik Buterin. On November 5 alone, the platform recorded $294 million in trading volume.

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While Polymarket doesn’t specifically target French users, the ANJ’s attention was triggered by a large bet placed by a French trader, who staked more than $30 million on a Trump election victory, with potential gains of around $19 million. The regulator is currently reviewing Polymarket’s compliance with French gambling laws.

Following a settlement with the Commodity Futures Trading Commission (CFTC) in 2022, Polymarket is no longer accessible to users in the US. As part of that settlement, the platform paid a fine and agreed to cease operations for US residents.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.