Outside Source
Polymarket, the blockchain-based prediction platform, has blocked users in France following an investigation by the French gaming regulator, Autorité Nationale des Jeux.
The move comes amid scrutiny over the platform’s compliance with French gambling laws and controversy surrounding a French trader who wagered tens of millions of dollars, according to Fortune, on Donald Trump’s victory in the 2024 U.S. presidential election.
The restriction prevents users in France from placing bets or trading on Polymarket, though the platform remains accessible in a view-only mode, according to X screenshots seen by crypto.news.
Théo’s Trump bet
France’s ANJ reportedly began investigating the platform after an anonymous French user, nicknamed “Théo,” placed over $30 million in bets on Trump’s election outcome.
Théo ultimately profited nearly $80 million from the wagers, fueling concerns about potential market manipulation and insider trading.
Polymarket, which operates using cryptocurrencies, allows users allows users to bet on the outcomes of real-world events, such as elections or sports results. These markets are powered by blockchain technology, making transactions transparent but also raising legal compliance questions in certain jurisdictions.
Gambling regulators in France categorize such activity as unlicensed betting, which is prohibited under national law.
The French regulator’s scrutiny, reportedly spurred by the scale of Théo’s betting activity, may have pressured Polymarket to impose similar restrictions on users in France.
Polymarket’s recent US activity
While Polymarket has restricted U.S. users since 2022 due to a settlement with the Commodity Futures Trading Commission, France has been a significant market for the platform.
After the US election, federal agents from the FBI seized mobile devices belonging to Polymarket CEO Shayne Coplan during a search of his Soho property. The agents woke Coplan up at 6 a.m. but did not inform him of the investigation’s reasons.
This article first appeared at crypto.news
