French Regulatory Authority Launches Investigation Into Polymarket
Polymarket, a blockchain-based prediction market platform, has restricted access for users in France after the country’s gaming regulatory authority, ANJ, launched an investigation into its compliance with gambling laws.
French Authorities Probe Polymarket
The French gaming regulator, ANJ, initiated an investigation into Polymarket after a French trader reportedly placed substantial bets on Donald Trump’s victory in the 2024 U.S. presidential election.
A report by Chainalysis revealed that the trader, using multiple accounts, may have profited more than $85 million from these wagers.
In response to the investigation, Polymarket has blocked new users in France from placing bets on the platform.
Polymarket clarified that this restriction is a precautionary measure while it cooperates with French authorities to clarify the platform’s legal status and operations. French users can still access Polymarket for informational purposes but are temporarily unable to execute transactions.
Polymarket’s Settlement in the U.S.
Previously, Polymarket reached a settlement with the U.S. Commodity Futures Trading Commission (CFTC) in 2022 over allegations of offering illegal gambling services.
As part of the settlement, Polymarket ceased its operations in the U.S. However, reports suggest that U.S. users bypassed restrictions by using virtual private networks (VPNs).
The U.S. Department of Justice (DOJ) is also investigating Polymarket for allegedly continuing to accept transactions from U.S. users.
As part of this investigation, the FBI conducted a raid on the home of Polymarket’s CEO, Shayne Coplan, earlier this month. While no arrests were made, authorities confiscated Coplan’s phone and computer.
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