France's National Gaming Authority is reportedly planning to ban Polymarket.
“It's currently investigating,” the inspector said. [Polymarket's] Operation as well as the compliance with the French gambling law, a basis Report From the French news channel The Big Whale
Decrypt Polymarket and the regulator have been contacted for comment.
The regulatory oversight came after a French businessman known as Theo bet several million dollars on Donald Trump's victory. Getting paid 47 million dollars The report will be read when the former president confirms it for the second time.
before one Report He first got to know Theo from Reuters two weeks before election day.
The restrictions are based on the regulator's authority to restrict access and block domain names. Pressures may also be applied to media outlets linked to the platform, the report said.
According to Reuters, Polymarket said it had approached Teo, citing his extensive business experience and experience in financial services. Polymarket revealed that it had conducted an investigation to confirm that traders were betting based on their “personal views” on politics.
The betting giant initially raised fraud concerns before bidders. He revealed his identity He confirmed to the Wall Street Journal that they had placed more than $30 million in bets on US elections.
While ANJ may implement technical restrictions, users can still access the platform via VPN as Polymarket only requires a crypto wallet instead of authentication. The regulator did not disclose the time frame for the suspension.
Polymarket has faced increasing regulatory pressure globally, with the US Commodity Futures Trading Commission investigating the platform. Like 2021. The Commission later proposed rules targeting the prediction markets to prevent fraud.
Despite this, prediction markets continue to attract billions of dollars in bets, given the seriousness of the issue. Insider trading results. Polymarket Although not accessible to US users, it has raised $74 million from early investors, including Ethereum founder Vitalik Buterin.
The platform saw more than $294 million in transactions on November 5 alone as users battled over election results. Unlike traditional betting sites, Polymarket operates on blockchain technology, which allows users to place crypto bets without intermediaries.
The company currently maintains control over the betting proposal, although this could change if the project is decentralized by A. Launch token.
Despite skepticism about its predictive value, Polymarket correctly predicted Biden's exit from the presidential race and Trump's victory just weeks before the events took place.
Edited by Sebastian Sinclair.
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