An investigation by the French gambling regulator, Autorité Nationale des Jeux, has restricted access to Polymarket, the blockchain-based prediction platform, for users in France
The platform’s compliance with French wagering laws and the controversy surrounding a French trader who, according to Fortune, bet millions of dollars on Donald Trump’s victory in the 2024 U.S. presidential election led to the decision.
According to screenshots captured by crypto.news, the restriction prevents users in France from placing bets or trading on Polymarket, even though the platform remains accessible in a view-only mode.
Théo’s wager on Trump
According to reports, the ANJ of France initiated an investigation into the platform after an anonymous French user, nicknamed “Théo,” placed more than $30 million in wagers on the outcome of the Trump election.
Ultimately, Théo earned nearly $80 million from the speculations, which sparked apprehensions regarding potential insider trading and market manipulation.
Polymarket, which utilizes cryptocurrencies, enables users to wager on the results of real-world events, including elections and athletics. Blockchain technology facilitates transaction transparency in these markets, but it also raises compliance concerns in specific jurisdictions.
Gambling regulators in France classify this activity as unlicensed wagering, which is against national law.
The extent of Théo’s betting activity reportedly prompted the French regulator’s surveillance, which may have forced Polymarket to impose similar restrictions on users in France.
Polymarket has recently undertaken activities in the United States.
France has been a substantial market for Polymarket, despite the fact that the platform has restricted U.S. users since 2022 as a result of a settlement with the Commodity Futures Trading Commission.
Federal agents from the FBI confiscated mobile devices belonging to Polymarket CEO Shayne Coplan during a search of his Soho property following the election in the United States. The agents woke Coplan up at 6 a.m., but they did not reveal the reason for the investigation.
