France May Ban Crypto Platform Polymarket

France's National Gaming Authority (ANJ) is considering banning Polymarket, a blockchain-based prediction market, due to concerns over its classification as gambling under French law, which deems such activities illegal. The scrutiny intensified after significant betting activities during the 2024 U.S. presidential election, where a French trader known as Theo placed multimillion-dollar bets on a Trump victory, generating $47 million in winnings. Polymarket, backed by figures like Ethereum co-founder Vitalik Buterin, saw a trading volume of $3.5 billion, raising regulatory concerns over unlicensed gambling operations. Despite being based in the U.S. and inaccessible to American users due to regulatory settlements, Polymarket's operations in France are under threat as ANJ considers blocking its domain and limiting media links. This move highlights broader regulatory challenges facing decentralized prediction markets, which are argued to be more effective than traditional polling methods. The platform's operation via cryptocurrencies and blockchain technology further complicates regulatory oversight, with users potentially circumventing restrictions using VPNs.