France to ban crypto betting site polymarket over regulations

France’s gaming regulator, the ANJ (Autorité Nationale des Jeux), is set to ban Polymarket, a crypto-based betting platform popular for election wagers, according to a report from The Big Whale.

The report quotes an unnamed ANJ source describing Polymarket as "a betting activity," which is illegal under French law.

The ANJ is examining Polymarket's compliance with France’s gambling laws and has yet to provide a public comment on the anticipated ban.

Polymarket, known for its market predictions, gained prominence with bets on the 2024 U.S. presidential election, amassing $3.5 billion in trading volume by Election Day.

The platform has attracted media attention from mainstream finance outlets, including Bloomberg, but experts remain sceptical of its value as a prediction tool.

This year, Polymarket’s predictions on Joe Biden’s decision not to run for re-election and Donald Trump’s eventual victory proved accurate, boosting its reputation.

In the U.S., Polymarket also faces scrutiny.

The Commodity Futures Trading Commission (CFTC) recently proposed regulations targeting event prediction markets due to concerns about potential manipulation.

In France, the platform came under additional scrutiny when a French trader, known as “Theo,” placed high-stakes bets on Trump’s win, amassing a $49 million payout after Trump’s victory.

Despite speculation around Theo’s massive bets, he told The Wall Street Journal that he genuinely believed Trump would win, dismissing manipulation theories.

As Polymarket’s influence grows, its unique approach to event betting and prediction markets continues to attract both significant attention and regulatory challenges on multiple fronts.