French authorities to check Polymarket blockchain betting platform

Polymarket gained widespread popularity after its users began placing a significant number of bets on the outcome of the US presidential election. Cumulative betting volume on a Harris or Trump victory before Election Day reached $3.7 billion, with a French user with the nickname Fredi9999 winning $48 million on a Trump victory.

According to the regulator, Polymarket is primarily a betting house, and in France it is prohibited to bet on any event in any form, even in cryptocurrencies. A member of the department confirmed to the publication that betting on political events is no different from betting on a sporting event, as the outcome is always random.

“The ANJ has the right to block the platform, even though Polymarket does not specifically target French users,” said lawyer William O’Rourke. In addition to blocking a domain name, the regulator can limit advertising of the service on media platforms; However, to avoid blocking due to the anonymity of the service (only a crypto wallet is enough to register), it will be possible to use a VPN, the expert believes.

Crypto betting has been banned in the United States since 2022 under the terms of a settlement agreement between the US Commodity Futures Trading Commission (CFTC) and the company that owns the service. The platform was then accused of organizing illegal gambling. At the same time, Polymarket competitor Kalshi Inc. won a CFTC lawsuit in October over the issue of election interference through large bets and can now operate in the United States.