Belgium bans Polymarket – Kansspelcommissie has added the cryptocurrency betting platform to its list of unlawful gaming sites.
The Belgian gambling authority, Kansspelcommissi, has added the cryptocurrency-based prediction betting platform Polymarket to its register of illicit gambling sites.
The move comes after the site implemented geoblocking in France following an examination by the Autorité Nationale des Jeux (ANJ).
According to Kansspelcommissi, Polymarket violated Belgian gambling legislation and failed to respond to three warnings. As a result, the regulator contacted the public prosecutor and requested IP blocking.
Shayne Coplan founded Polymarket, which is operated by Adventure One QSS. The cryptocurrency-based website provides prediction markets for real-world events ranging from politics to awards, economic indicators, and weather.
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It made news in the run-up to the US presidential election, with over $3.3 billion traded in predictions on the outcome.
The French gambling authorities launched an investigation into the platform after it was revealed that a French player had bet $30 million that Trump would win the US election.
The ANJ stated that it contacted Adventure One QSS in late November, and the operator agreed to employ geoblocking to limit access from France.
This was apparently implemented on November 21. The ANJ stated that any French gamers who are unable to access their accounts should contact the operator.
Polymarket received a $1.4 million fine from the US Commodity Futures Trading Commission in 2022 for failing to register.
Trading was temporarily paused. It remains controversial in the United States, with some detractors claiming that it lacks transparency and that large trades can sway markets.
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