Polymarket Halts Trading in France Amid Regulatory Scrutiny

Polymarket, the prediction market platform, has taken action to block trading access for users in France, following scrutiny from the country’s gambling regulatory body, the Autorité Nationale des Jeux (ANJ).

While the platform itself remains accessible, users from France can no longer engage in any trading activities.

This decision came after an investigation into the platform, which was sparked by a massive bet placed by a French user named Théo, who wagered over $30 million on the outcome of the 2024 U.S. Presidential election. Should Donald Trump emerge victorious, Théo was in line to make close to $80 million in profits.

This large-scale wager raised concerns within the ANJ, which noted that while Polymarket uses cryptocurrency, its operations still fall under the category of betting, a practice that is prohibited under French gambling laws.

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Polymarket, which was founded in 2020 and has since attracted significant investment, including backing from Ethereum co-founder Vitalik Buterin, has faced regulatory challenges beyond France. In the U.S., the platform was forced to cease operations for American users after settling with the Commodity Futures Trading Commission (CFTC) for $1.4 million in 2022 due to its unregistered status as a trading platform.

The suspension of services in France highlights the growing regulatory pressure on decentralized prediction markets and their intersection with traditional gambling laws.

Kostadin Dimitrov