The National Gambling Authority of France (ANJ), the country’s gambling authority, is apparently planning to prohibit Polymarket in France.
According to French media outlet The Big Whale, an ANJ source confirmed that Polymarket is prohibited in the nation. “Even if Polymarket uses cryptocurrencies in its operations, it remains a betting activity and this is not legal in France.”
Various regulatory bodies across countries are interested in the Polymarket, which allows users to wager on the likelihood of nearly anything.
More than $3.2 billion in bets were recently put on the US elections. According to the article, the platform’s volume was $294 million on November 5.
Furthermore, crypto whales and investors have made millions on the top decentralized prediction market.
For example, a French trader known as Théo staked more than $30 million on Trump’s win and profited by almost $48 million. This might be the main reason for attracting the authorities’ attention.
The ANJ source stated that the authority will “prohibit access” to the Polymarket site in the near future.
William O’Rorke, a partner at French legal firm ORWL Avocats, described Polymarket as “like a sports bet.”
“Unlike financial companies, the ANJ has the power to block the platform even though Polymarket does not specifically target French users.”
Although Polymarket is situated in New York, it is now inaccessible to Americans. According to reports, the betting site paid social media influencers in the United States to create election material.
See also:
- Election Betting Apps Kalshi and Polymarket Top Apple App Store Charts
- Comtrade Gaming has received UKGC clearance to distribute gaming product.
ANJ Could Block Domain Names, Websites.
The gaming regulator informed the magazine that it was aware of the French whale who accumulated millions on Polymarket.
“We are aware of this site and we are currently examining its operation as well as its compliance with French gambling legislation.”
Furthermore, O’Rorke highlighted that the domain name might be blocked in France. The ANJ may even put pressure on players who give access to the French market, he said.
However, it is unclear how French officials might prohibit the usage of Polymarket. This is because, even if the domain or website is restricted, it may still be accessible over a VPN.
Polymarket predicts a similar trajectory to early DeFi skepticism.
Mohd Kifa, head of compliance at the Flipster derivatives exchange, links the betting market’s present pessimism to early decentralised finance (DeFi) concerns.
He told Cryptonews that Polymarket’s unexpected success this year demonstrated prediction markets’ potential as blockchain’s next killer app.
“A suitable parallel for Polymarket’s present ascent is 2020’s DeFi Summer. While the hype surrounding DeFi died down soon, the attention it received galvanized talent and finance, resulting in tremendous advances in DeFi today. Polymarket may follow a similar course.”
However, he emphasized that distrust remains in this sector. Some believe Trump’s recent gains are the consequence of dishonest manipulation, while others say that Polymarket is not as liquid as it looks.
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