As an analyst with a background in both finance and law enforcement, I find myself intrigued by this latest development involving Polymarket. The blockchain-based prediction platform has been a subject of interest for some time now, given its unique model that allows users to bet on real-world events using cryptocurrencies.
Due to an ongoing investigation by the French gaming authority, Autorité Nationale des Jeux, the decentralized forecasting platform, Polymarket, has temporarily halted access for its users residing in France.
In light of the increasing scrutiny towards our platform regarding adherence to French gambling regulations and the ongoing debate about a French speculator who allegedly bet large sums, approximately tens of millions of dollars, according to Fortune, on Donald Trump’s potential victory in the 2024 U.S. presidential election, I find myself making a strategic decision.
Users residing in France are prohibited from making wagers or trading on Polymarket, as per the platform’s restrictions. However, it can still be accessed in a read-only format, as indicated by certain images viewed by crypto.news.
As we announced two weeks ago, access to @Polymarket is no longer available from France đ«đ·.
â GrĂ©gory Raymond đł (@gregory_raymond) November 22, 2024
ThĂ©oâs Trump bet
It’s said that France’s AutoritĂ© Nationale des Jeux (ANJ) initiated an investigation into the platform following a French user, who goes by the alias “ThĂ©o,” allegedly wagering approximately $30 million on the result of the U.S. Presidential election.
In the end, Theo made approximately $80 million through his bets, leading to speculation about possible market manipulation or illegal insider trading.
On Polymarket, individuals can place wagers on various real-life occurrences like election results or sports matchups using digital currencies. This platform leverages blockchain technology for its operations, ensuring transaction transparency but potentially sparking legality concerns in specific regions due to compliance issues.
As a cryptocurrency investor, I’ve come to realize that activities like the one we’re discussing are considered unregulated gambling in France. This falls under the umbrella of unlicensed betting, something strictly forbidden by their national laws.
It’s possible that the intense examination from the French regulatory body, which seems to be a response to Theo’s significant betting activities, could have influenced Polymarket to apply similar limitations on its users based in France.
Polymarketâs recent US activityÂ
Although Polymarket has barred U.S. users since 2022 as part of an agreement with the Commodity Futures Trading Commission, France has emerged as a key market for this platform.
Following the U.S. election, Federal Bureau of Investigation (FBI) officers confiscated mobile devices from Polymarket CEO Shayne Coplan during an early morning search of his Soho residence. The agents awoke Coplan at 6 a.m., but they did not disclose the investigation’s rationale to him.
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2024-11-22 22:14