France considering Polymarket ban after local trader makes $80 million on Trump win

France’s playing regulator, the Nationwide Gaming Authority (ANJ), is predicted to dam entry to Polymarket, a significant cryptocurrency-based prediction platform, native information channel The Huge Whale reported.

Such a transfer could be one of many nation’s strongest regulatory strikes in opposition to a crypto entity. Identified for its blockchain-driven betting on international occasions, Polymarket gained widespread consideration throughout the latest US presidential election, attracting greater than $3.2 billion in bets worldwide.

In response to sources conversant in the matter, ANJ’s transfer comes amid rising considerations over the platform’s classification as a playing exercise below French regulation.

On November 5 alone, customers positioned $294 million in bets on the platform. A supply near the ANJ acknowledged:

“Polymarket’s mannequin entails betting on unsure outcomes, which qualifies it as playing below French laws, no matter crypto actions.”

Whereas Polymarket operates from the US and restricts entry to US customers, a French dealer’s excessive $30 million guess on a Donald Trump election victory has reportedly caught the eye of ANJ. The dealer made roughly $80 million from numerous bets on the end result.

Polymarket’s distinctive mannequin permits customers to guess on predictions in numerous classes – from monetary markets to political occasions – utilizing crypto transactions on a decentralized blockchain community.

The platform launched in 2020 and has raised $74 million in funding, with assist from notable figures corresponding to Ethereum co-founder Vitalik Buterin. Whereas the platform’s supporters advocate utilizing blockchain to create a clear prediction market, the dearth of consumer id checks poses regulatory challenges for authorities all over the world.

Beneath French regulation, the ANJ has the ability to limit non-compliant on-line playing platforms, even when these platforms don’t immediately goal French customers.

Legal professionals instructed the information outlet that ANJ’s actions may embody blocking Polymarket’s area in France and discouraging media shops and third-party platforms from linking to it. Nonetheless, as a result of Polymarket’s account setup solely requires a crypto pockets and no private identification, customers can bypass the restrictions by utilizing VPNs.

The ANJ acknowledged that it’s “investigating”. [Polymarket’s] operations and compliance with French playing legal guidelines,” however didn’t specify a timeline for the anticipated restrictions.

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