Thomas Daniels
Polymarket Blocks French Users as French Gambling Regulator Investigates Compliance
Polymarket, a blockchain-powered prediction platform, has restricted access for users in France following an inquiry by the Autorité Nationale des Jeux (ANJ), the country’s gaming regulator. The platform faces allegations of non-compliance with French gambling laws, compounded by revelations of a high-stakes bet on the 2024 U.S. presidential election.
The suspension prohibits French users from participating in Polymarket’s betting and trading activities. However, the site remains available in view-only mode, according to social media posts and screenshots shared with crypto.news.
The $30 Million Trump Bet That Sparked Controversy
French authorities reportedly launched their investigation after an anonymous user, nicknamed “Théo,” placed over $30 million in wagers on former U.S. President Donald Trump’s chances in the upcoming election. Despite the audacious nature of the bet, Théo ultimately netted nearly $80 million in profits.
This extraordinary activity has raised concerns about market manipulation and the possibility of insider trading, issues that gambling regulators in France have flagged as critical risks in unlicensed online betting operations.
Polymarket enables users to wager on real-world events like political outcomes and sports, leveraging blockchain technology to ensure transaction transparency. However, these features also invite legal challenges in jurisdictions with stringent gambling regulations. Under French law, Polymarket’s activities are classified as unlicensed betting, making them illegal.
Legal Pressure Mounts on Polymarket in France
The scale of Théo’s bets and the resulting profits appear to have intensified regulatory scrutiny. Observers suggest that mounting pressure from ANJ may have compelled Polymarket to block French users proactively.
The platform’s challenges in France add to its legal woes elsewhere. In the United States, Polymarket restricted access to American users in 2022 following a settlement with the Commodity Futures Trading Commission (CFTC).
A Broader Pattern of Regulatory Scrutiny
Polymarket has faced heightened regulatory attention beyond France. Federal agents from the FBI recently searched the Soho residence of Polymarket CEO Shayne Coplan. According to reports, agents confiscated Coplan’s mobile devices during the early-morning raid, though no details about the investigation’s scope were disclosed.
Despite its innovative use of blockchain technology, Polymarket’s growing legal challenges in key markets highlight the complexities of operating in jurisdictions with rigid gambling and financial regulations.
