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Polymarket: France proposes BAN after election boom
By Daniele Corno
Polymarket under scrutiny in France after a trader's multimillion-dollar profits in election betting. Government considers a blockade.
France considers blocking Polymarket
In France, the gambling authority is considering a blockade of Polymarket.
The betting platform saw huge trading volume during the U.S. elections, reaching $3.5 billion. Polymarket however, does not have a valid license in France, which prompted the French authority (ANJ) to start an investigation.
The focus is on a French trader, known as Théo or Fredi999, who made about $78 million betting on Trump, Chainalysis estimates. The trader in question appears to have used nine accounts for this transaction. This huge gain led the ANJ to consider a block for Polymarket.
Being blockchain-based, however, the platform could be difficult to block outright. Users, in fact, could still gain access using a VPN, even if Polymarket’s domains were restricted.
Prediction markets under pressure
Polymarket has not commented on the possible block.
The platform stated that Théo was betting based only on personal opinions. French authorities suspect manipulation, but have found no evidence.
This case shows the difficulties regulators face in dealing with prediction platforms on blockchain.
In the United States, Polymarket had already been restricted due to an agreement with the trading authority. Despite these limitations, the platform remains very popular. This showsusers’ interest in models other than centralized betting. It remains to be seen whether the blockade will really stop Polymarket or whether users will use other solutions to access it.
