Polymarket, a blockchain-based prediction platform, faces a possible ban in France due to concerns over gambling legislation compliance.
According to a report by The Big Whale, France's National Gaming Authority (ANJ) is investigating Polymarket's operation and regulatory compliance. The regulator might block the platform's domain name and "put pressure on all the players who give the platform access to the French market."
The increased regulatory focus emerged after a trader identified as Théo reportedly wagered millions on Donald Trump's victory in the US presidential election, securing a $47 million gain when Trump was re-elected.
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Lawyer William O'Rorke commented:
Polymarket consists of betting money on something random; that's strictly the definition of gambling. It's like a sports bet. And unlike financial companies, the ANJ has the power to block the platform even though Polymarket does not specifically target French users.
However, users might still access Polymarket using virtual private networks (VPNs), as the platform requires only a cryptocurrency wallet without needing identity verification.
On November 5, the platform experienced a massive surge in activity, processing over $294 million in trading volume as participants speculated on election outcomes.
The situation is one more reminder of the friction between decentralized platforms and established regulatory systems.
In other news, Donald Trump's return to the White House as the 47th President of the United States pushed Bitcoin to new all-time highs.
