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France considering Polymarket ban after local trader makes $80 million on Trump win France considering Polymarket ban after local trader makes $80 million on Trump win

France considering Polymarket ban after local trader makes $80 million on Trump win

National Gaming Authority may block Polymarket, citing gambling concerns despite platform's blockchain appeal.

France considering Polymarket ban after local trader makes $80 million on Trump win

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

France’s gambling regulator, the National Gaming Authority (ANJ), is expected to block access to Polymarket, a major cryptocurrency-based prediction platform, local news outlet the Big Whale reported.

Such a move would be one of the country’s strongest regulatory moves against a crypto entity. Known for its blockchain-driven betting on global events, Polymarket gained widespread traction during the recent US presidential election, attracting more than $3.2 billion in worldwide wagers.

According to sources familiar with the matter, ANJ’s move comes amid mounting concerns over the platform’s classification as a gambling activity under French law.

On November 5 alone, users placed $294 million in bets on the platform. A source close to the ANJ stated:

“Polymarket’s model involves betting on uncertain outcomes, which under French regulations qualifies it as gambling, regardless of its crypto operations.โ€

While Polymarket operates out of the US and restricts access for American users, a French trader’s high-stakes $30 million bet on a Donald Trump election victory reportedly drew the ANJโ€™s attention. The trader netted roughly $80 million from several wagers on the outcome.

Polymarket’s unique model allows users to wager on predictions across various categories โ€” from financial markets to political events โ€” using crypto transactions on a decentralized blockchain network.

Launched in 2020, the platform has garnered $74 million in funding, with support from notable figures like Ethereum co-founder Vitalik Buterin. While the platform’s supporters advocate its use of blockchain to create a transparent prediction market, its lack of user identity checks poses regulatory challenges for authorities worldwide.

Under French law, the ANJ has the power to restrict non-compliant online gambling platforms, even if those platforms donโ€™t directly target French users.

Lawyers told the news outlet that ANJโ€™s actions may include blocking Polymarket’s domain within France and discouraging media outlets and third-party platforms from linking to it. However, because Polymarket’s account setup requires only a crypto wallet and no personal identification, users could bypass restrictions by using VPNs.

The ANJ acknowledged it is โ€œexamining [Polymarket’s] operations and compliance with French gambling legislation” but did not specify a timeline for the anticipated restrictions.

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