2024

<p class="is-style-lead">Polymarket, the blockchain-based prediction platform, has blocked users in France following an investigation by the French gaming regulator, Autorité Nationale des Jeux.&nbsp;</p> 
<p>The <a href="https://x.com/gregory_raymond/status/1859948576929132942?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1859948576929132942%7Ctwgr%5E471321c161f1c596b0a907921c0dba879b25ccb1%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcryptobriefing.com%2Fpolymarket-trading-halt-france%2F" target="_blank" rel="nofollow">move</a> comes amid scrutiny over the platform’s compliance with French gambling laws and controversy surrounding a French trader who wagered tens of millions of dollars, <a href="https://fortune.com/2024/11/06/polymarket-whale-won-40-million-betting-on-trump/" target="_blank" rel="nofollow">according</a> to Fortune, on Donald Trump’s <a href="https://crypto.news/trump-victory-creates-over-11k-new-bitcoin-millionaires/" target="_blank">victory</a> in the 2024 U.S. presidential election.</p> 
<p>The restriction prevents users in <a rel="" href="https://crypto.news/tag/france">France</a> from placing bets or trading on Polymarket, though the platform remains accessible in a view-only mode, according to X screenshots seen by crypto.news.&nbsp;</p> 
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   https://twitter.com/gregory_raymond/status/1859948576929132942 
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<h2 class="wp-block-heading" id="th-o-s-trump-bet">Théo’s Trump bet</h2> 
<p>France’s ANJ reportedly <a href="https://crypto.news/polymarket-identifies-one-trader-driving-trump-bet-activity-on-platform/" target="_blank">began investigating</a> the platform after an anonymous French user, nicknamed “Théo,” placed <a href="https://crypto.news/polymarket-french-whale-theo4-nets-21m-off-trump-win/" target="_blank">over $30 million in bets</a> on Trump’s election outcome.&nbsp;</p> 
<p>Théo ultimately profited nearly $80 million from the wagers, fueling concerns about potential market manipulation and insider trading.</p> 
<p>Polymarket, which operates using cryptocurrencies, <a href="https://crypto.news/what-is-polymarket/" target="_blank">allows users</a> allows users to bet on the outcomes of real-world events, such as elections or sports results. These markets are powered by blockchain technology, making transactions transparent but also raising legal compliance questions in certain jurisdictions.&nbsp;</p> 
<p>Gambling regulators in France categorize such activity as unlicensed betting, which is prohibited under national law.</p> 
<p>The French regulator’s scrutiny, reportedly spurred by the scale of Théo’s betting activity, may have pressured Polymarket to impose similar restrictions on users in France.</p> 
<p> You might also like: <a rel="" href="https://crypto.news/sec-commissioner-jaime-lizarraga-to-step-down-in-january/"> SEC Commissioner Jaime Lizárraga to step down in January </a> </p> 
<h2 class="wp-block-heading" id="polymarket-s-recent-us-activity">Polymarket’s recent US activity&nbsp;</h2> 
<p>While Polymarket has restricted U.S. users since 2022 due to a settlement with the <a href="https://crypto.news/tag/cftc/" target="_blank">Commodity Futures Trading Commission</a>, France has been a significant market for the platform.&nbsp;</p> 
<p>After the US election, federal agents from the FBI <a rel="" href="https://crypto.news/polymarket-ceo-probed-by-fbi-after-trumps-triumph/">seized mobile devices</a> belonging to Polymarket CEO Shayne Coplan during a search of his Soho property. The agents woke Coplan up at 6 a.m. but did not inform him of the investigation’s reasons.</p> 
<p> You might also like: <a rel="" href="https://crypto.news/blockchain-association-urges-trump-to-prioritize-crypto-during-first-100-days/"> Blockchain Association urges Trump to prioritize crypto during first 100 days </a> </p>

Polymarket blocks French users amid gambling law investigation

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