France’s gambling regulator, the Autorité Nationale des Jeux (ANJ), is reportedly set to ban Polymarket, a crypto-based betting platform, from operating within the country.
According to a report by The Big Whale, the decision comes after the platform attracted attention when a French user placed large bets on the U.S. presidential election.
Polymarket, popular among crypto enthusiasts for its prediction markets, has allowed traders to wager millions on political and economic events, with total cumulative volume reaching $3.5 billion as of recent data from Dune Analytics.
The ANJ views Polymarket as an illegal betting platform under French law. While the regulator has not formally announced the ban, sources close to the ANJ confirmed that access to Polymarket will likely be restricted in France shortly.
The regulator stated it is currently assessing the platform’s compliance with French gambling laws, raising concerns over the legality and regulatory compliance of prediction markets like Polymarket.
Polymarket has gained significant attention in this election cycle, especially after predictions on the platform accurately suggested major political outcomes, including President Joe Biden’s decision not to run for re-election and Donald Trump’s victory.
This has attracted praise and scrutiny, as some experts remain skeptical of prediction markets’ reliability, while crypto enthusiasts celebrate their perceived accuracy. Notably, a French trader, Theo, bet $26 million on Trump’s victory, ultimately earning a $49 million payout.
The ban follows similar scrutiny in the U.S., where the Commodity Futures Trading Commission (CFTC) has proposed rules targeting prediction markets like Polymarket, citing risks of manipulation.
Public input on the rule ended in August, with a decision still pending. This has ignited debate, as some economists and crypto advocates see prediction markets as valuable for insights, while others warn of potential manipulation and adverse incentives.
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