Polymarket, a blockchain-based prediction platform, has blocked users in France following an investigation by the French gambling regulator Autorité Nationale des Jeux.
The move comes amid a review of the platform’s compliance with French gambling laws and controversy surrounding a French trader who, according to Fortune, bet tens of millions of dollars on Donald Trump to win the 2024 US presidential election.
The restriction prevents users in France from betting or trading on Polymarket, although the platform remains available in watch-only mode.
France’s ANJ reportedly launched an investigation into the platform after an anonymous French user nicknamed “Theo” placed over $30 million in bets on the outcome of Trump’s election.
Theo ultimately made nearly $80 million in profits from the bets, raising concerns about possible market manipulation and insider trading.
Polymarket, which operates using cryptocurrency, allows users to bet on the outcome of real-world events, such as elections or sports results. These markets operate on blockchain technology, making transactions transparent but also raising questions about compliance in some jurisdictions.
Gambling regulators in France classify such activities as unlicensed betting, which is prohibited under national law.
The French regulator’s probe, reportedly prompted by the scale of Theo’s betting operation, may have put pressure on Polymarket to impose similar restrictions on users in France.
