Polymarket blocks French users amid regulatory probe
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2 Dec 2024 •
Reading time: 2 minutes The betting platform Polymarket has pulled the plug on betting for French users. This is because the French Gaming Authority, ANJ, is investigating the platform. They want to find out whether Polymarket is adhering to the rules.
It all revolves around a French gambler who has come into the spotlight. This person bet huge amounts of money on Donald Trump winning the American presidential elections. How big? Think of a potential profit of more than 85 million dollars. Yes, you read that right.
Large amounts of money and a gray gambling zone
The situation is quite complicated, because in France you are allowed to bet on sports and poker, but prediction markets like Polymarket are in a kind of legal twilight zone. The French gambler used multiple accounts to spread his chances. The ANJ could not ignore this and decided to take action.
For the time being, French users can still view Polymarket, but they are not betting for the time being. A spokesperson for the platform said that they are doing this to discuss everything calmly with the French authorities. It sounds like they’re pressing pause to prevent things from escalating.
Problems are piling up for Polymarket
This isn’t the first time Polymarket has come under fire, by the way. In 2022, they already had trouble in the United States. They had to stop their services after the Commodity Futures Trading Commission (CFTC) accused them of illegal gambling. They paid a fine and threw in the towel for American users.
But hey, rules are there to be circumvented, right? Some Americans continued to gamble via VPNs, which got the platform into trouble again. The US Department of Justice is now also on the case and is investigating whether Polymarket is secretly accepting American gamblers.
FBI visits CEO at home
If you thought that was all, you’re wrong. Last month, Polymarket CEO Shayne Coplan got a visit from the FBI. They raided his home, took his phone and laptop, but didn’t take him to the station. It’s unclear what exactly they were looking for, but it does show that Polymarket is under close scrutiny.