Polymarket Suspends Access for French Users Amid Investigation by French Gaming Authority
The renowned decentralized prediction market, Polymarket, has abruptly suspended access to its platform for users in France following an investigation opened by the French government regarding its compliance with gambling laws. Although this restriction has not yet been reflected in Polymarket’s terms of use, attempts to access the platform via servers located in France confirm an effective blockage.
This decision comes after weeks of speculation that Polymarket, a pioneer in the field of decentralized prediction markets, is under scrutiny by the French Gaming Authority (ANJ). The agency responsible for regulating gambling in the country is conducting an in-depth investigation into the platform’s practices.
An Incident Triggered by a Risky Bet
The ANJ’s interest in Polymarket was aroused by a large-scale bet placed by a French trader on the outcome of the 2024 US presidential election. The bet, which heavily favored a victory for Donald Trump, caught the attention of regulators and raised questions about the legality of Polymarket’s activities under French regulations. The current legal framework imposes strict restrictions on online gambling, particularly regarding licenses and transparency.
Polymarket, a platform powered by blockchain technology, allows users to speculate on various events, ranging from election results to economic forecasts. While the platform’s innovation has attracted a global audience, it also appears to navigate in legal gray areas, especially in Europe and the United States.
Silence from Polymarket and French Authorities
Neither Polymarket nor the ANJ have responded to requests for comment regarding the investigation or the potential repercussions for the platform. This lack of communication creates uncertainty about Polymarket’s future in France and the measures the company may take to regularize its situation.
Currently, French users find themselves cut off from a platform that had gained popularity due to its innovative and decentralized approach. This blockade also raises broader questions about how European regulators will approach the emergence of blockchain-based prediction markets, a sector that is still loosely regulated but rapidly growing.
It is worth noting that the platform still appears to be easily accessible using VPN or simply changing DNS settings.
A Signal for the Crypto Industry
The Polymarket case could set a precedent for how European regulators monitor innovative crypto platforms. As the industry continues to expand, platforms like Polymarket must now contend with increased scrutiny and stricter regulatory expectations. The coming weeks will be crucial in determining whether Polymarket will be able to meet the ANJ’s requirements or if it will be forced to revise its strategy to maintain its presence in the European market.
