Richard

Major

United

<p>The National Gambling Authority (ANJ) plans to block access to the cryptocurrency betting platform Polymarket in France. This decision comes after record-breaking bets during the U.S. presidential election, including a spectacular gain of 47 million dollars made by a French trader on Donald Trump’s victory.</p>
<h2 id="h-la-france-prend-des-mesures-contre-polymarket-apres-les-paris-massifs-sur-trump">France Takes Measures Against Polymarket After Massive Bets on Trump</h2>
<p>The ANJ has launched a thorough investigation into Polymarket’s activities in France following <a href="https://www.cointribune.com/en/crypto-2-billion-dollars-wagered-on-the-next-president/" target="_blank" rel="noopener noreferrer nofollow">the explosion of transaction volumes during the U.S. election period</a>. The platform, which recorded over 3.5 billion dollars in trades, allows users to bet on political events using cryptocurrencies, without requiring strict identity verification.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1">
 </div>
</div>
<p>The case of the French trader “Théo”, who made a <a href="https://www.cointribune.com/en/20m-trump-bet-a-french-traders-record-win-on-polymarket/" target="_blank" rel="noopener noreferrer nofollow">historic gain of 47 million dollars by betting on Trump’s victory</a>, has particularly caught the regulators’ attention. This record transaction raises questions about the risks of market manipulation and insider trading.</p>
<p>The French authority now plans to block the domain names of the platform and restrict its promotion in national media, although these <a href="https://99bitcoins.com/news/france-to-block-access-to-polymarket-after-surge-in-crypto-betting-on-us-election-report/" target="_blank" rel="noopener noreferrer nofollow">measures</a> could be circumvented through the use of VPNs.</p>
<div class="affiliate-button"><a class="affiliate-button__link" href="https://coinbase-consumer.sjv.io/c/2801338/552039/9251" target="_blank" rel="noopener noreferrer nofollow">Your 1st cryptos with Coinbase</a> <a class="affiliate-button__disclaimer" href="https://www.cointribune.com/en/sponsored-content/" target="_blank" rel="noopener noreferrer nofollow">This link uses an affiliate program.</a>
</div>
<h2 id="h-une-decision-motivee-par-des-enjeux-reglementaires-crypto-majeurs">A Decision Driven by Major Crypto Regulatory Issues</h2>
<p>The growing popularity of <a href="https://www.cointribune.com/en/crypto-polymarket-accuses-a-french-trader-of-manipulating-bets-on-trump/" target="_blank" rel="noopener noreferrer nofollow">Polymarket poses a real dilemma</a> for international regulators. Moreover, in the United States, the CFTC had already opened an investigation in 2021 into possible regulatory violations. More recently, a bipartisan group of American senators has called for a ban on electoral betting on these platforms.</p>
<p>Furthermore, the blockchain technology underlying Polymarket makes its regulation particularly complex. Without a traditional intermediary and with potential decentralization via a future token, the platform could become even more difficult to regulate.</p>
<p>Authorities are particularly concerned about the influence that massive betting could have on public opinion. A group of American lawmakers, including Senators <a href="https://www.cointribune.com/sondages-defavorables-pour-elizabeth-warren-a-cause-de-son-programme-anti-crypto/" target="_blank" rel="noopener noreferrer nofollow">Elizabeth Warren</a> and Richard Blumenthal, has notably highlighted the risk of billionaires using these platforms to influence electoral outcomes.</p>
<p>Regulators must now find a balance between financial innovation and protection of democratic processes, as <a href="https://www.cointribune.com/en/crypto-decentralized-exchanges-are-exploding-with-a-record-volume-of-31-67-billion/" target="_blank" rel="noopener noreferrer nofollow">decentralized predictive markets continue to gain popularity</a>.</p>

Controversy Surrounding Polymarket After Trump’s Victory, France Reacts

Table of Contents

Cointribune EN

Other articles published on Nov 7, 2024

Bitcoin Awaits FOMC Decision: What’s Next for the Market?

Ethereum holder turns $38K into $30M after 8 years

French authorities may ban Polymarket soon

Bitcoin Could Reach $100K Before Trump Takes Office, Analysts Say

Canada bans TikTok operations for national security reasons

Top 2024 Cryptos: Invest Smartly for Potential Gains

Join our free newsletter for daily crypto updates!