Polymarket blocks French users amid regulatory scrutiny.

Polymarket blocks French users amid regulatory scrutiny

2024-11-23 by Ndaman Olayinka 3 minutes read
Polymarket blocks French users amid regulatory scrutiny

Decentralized prediction market, Polymarket blocked users in France, a sizable market for the platform, in response to regulatory pressure and displayed a new pop-up alert about restricted jurisdictions.

French cryptocurrency news site The Big Whale was the first to draw attention to the new ban on social media. 

Polymarket block French traders

As a result of a reported investigation into the platform's compliance with local gambling laws by France's National Gaming Authority (ANJ), prediction marketplace Polymarket has expanded its access restrictions to include users in France. 

A notice stating that Polymarket is in "view-only mode" for "persons located in the United States, France, or persons located in restricted jurisdictions" appears when a user tries to access the prediction market platform from France, even though the company has not yet formally announced the ban on French users.

France's National Gaming Authority investigating Polymarket

International attention was drawn to a French trader's enormous $45 million wager on Trump's victory on Polymarket, which led to an investigation into possible insider trading by France's gaming regulator. 

After French national and Polymarket whale "Théo," also known as "Fredi9999," made close to $80 million from wagers on Donald Trump winning the U.S. presidential election earlier this month, government officials might have become interested in the website.

"Theo4", the biggest Trump-betting account on Polymarket, earned more than $20.4 million from his pro-Trump bets, according to data released by Lookonchain on November 6. A third whale, “zxgngl,” earned over $11 million, according to an X post, while another whale, “Fredi9999,” earned over $15.6 million. In October, 10 whale addresses spent a total of $70.6 million USD Coin (USDC) to bet on Trump winning the US election in 2024

Although Théo was accused of manipulating the market, the trader clarified in a Wall Street Journal interview that he was apolitical and only placed bets on the candidate he thought would win based on polls, some of which he even commissioned himself. 

The updated restrictions coincide with reports that the website operation is being investigated by France's National Gaming Authority (ANJ), which oversees online gambling in the nation, to see if it complies with French law. As regulators crack down on platforms operating in legally gray areas, the French investigation highlights the mounting pressure on prediction markets around the world. 

Polymarket traders profit in millions after Trump victory

The U.S. presidential election, the polymarket's main event, drew billions of dollars in wagers but also heightened scrutiny of its operations, prompting questions about regulatory compliance and transparency. 

"Crypto whales," or large investors who placed large bets on Donald Trump winning the 2024 presidential election, made millions of dollars on the Polymarket platform. 

Disclaimer

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