Will France Ban Polymarket? Crypto Betting Faces Crackdown
Crypto betting platforms now face the threat of prohibition.
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Crypto betting platforms now face the threat of prohibition.
France’s National Gambling Authority (ANJ) turned its attention to Polymarket after it was revealed that a French citizen made significant bets on Trump winning the U.S. presidential election.
Related: Polymarket’s ‘Trump Whale’ Revealed as a Frenchman
According to sources close to the ANJ, Polymarket could soon be banned in France, as its activities are deemed illegal betting under French law.
While the concept of prediction markets isn’t new, Polymarket stands out for its use of blockchain, where users can place bets directly using cryptocurrency. Currently, the total pool of bets is managed centrally by the U.S.-based company, but this may change if the project becomes more decentralized after launching its own token.
Ahead of the U.S. election, total betting volume on Polymarket exceeded $3.5 billion, with $294 million recorded in a single day on November 5, 2024.
Despite its popularity, some experts remain skeptical about the accuracy of predictions on Polymarket.
Elon Musk cites data from Polymarket. Source: Х
The substantial volume of bets on political events has caught the attention of not only users but also financial regulators. Crypto betting platforms currently operate in a legal gray area, complicating regulatory efforts.
French users may soon lose access to Polymarket betting. This precedent could shift the crypto betting landscape and potentially drive the development of new, more regulated platforms.
Related: What Are Prediction Markets and How Do They Work
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