Polymarket Bans French Users Amid Gambling Law Probe
Polymarket, a decentralized prediction platform, has restricted access to French traders following an investigation by France’s national gambling authority ANJ into Polymarket’s compliance with gambling laws.
Reports emerged on Friday that French users were experiencing blockages when trying to access the platform via VPN. This ban has not yet been officially added to Polymarket’s Terms of Service.
Polymarket continues to face intense regulatory scrutiny
The review comes amid a French trader’s massive bet on Donald Trump winning the 2024 US presidential election. Raise concerns Regarding the operation of the platform in France.
A French journalist on social media Highlight The restriction raises further concerns about Polymarket’s legal challenge.
The platform allows Cryptocurrency-based betting Conversations about political events, sports, and other outcomes become popular during the U.S. presidential campaign.
French journalist Grégory Raymond wrote: “Even if Polymarket uses cryptocurrencies in its operations, it is still a gambling activity, which is not legal in France – a source close to the country’s gambling regulator A source at the Gambling Authority (ANJ) explained to me.
According to reports, users bet more than $3.2 billion during the election. The platform’s trading volume on November 5 hit a record $294 million. Before the results were announced, Trump had a 67% chance of being elected comprehensive market To ensure victory.
However, later research showed 30% Platform trading activities Possibly related to wash trading. The platform was allegedly used to duplicate buys and sells to exaggerate market activity.
This approach can distort public sentiment and encourage further betting.
Additionally, the platform reportedly paid out large sums of money to top bettors following the election. Three high-value traders Earned a total of $47 million. The largest single expenditure amounted to US$20.4 million.
Judging from post-election developments, FBI seizure Electronics from Polymarket CEO Shayne Coplan. Sources said the raid was related to allegations of market manipulation. No formal charges or arrests have been filed.
Despite these regulatory challenges, the platform recently reported the following plans: Launch your own token. The platform appears to be trying to maintain its popularity despite the election hype. However, further regulatory hurdles are expected.
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