France Cracks Down on Crypto Betting Platform Polymarket

France’s gambling regulator, the National Gaming Authority (ANJ), has plans to block access to the site soon. This move follows months of discussion

France is set to ban access to crypto betting platform Polymarket, following a surge in betting activity during the recent U.S. presidential election.

France's gambling regulator, the National Gaming Authority (ANJ), plans to block access to the site soon, according to a report by The Big Whale on Friday.

This move comes amid increasing scrutiny of betting activities from Polymarket by regulators worldwide.

The platform allows users to bet on the outcomes of various events, including sports games, political results, and even future stock prices. It uses cryptocurrency to facilitate these bets, setting it apart from other platforms.

Polymarket's user-friendly approach has attracted millions of users globally. During the U.S. presidential election, people from around the world bet over $3.2 billion on the platform, including a staggering $294 million on a single day, November 5, according to Dune data.

However, betting on such events is prohibited in France. The country has strict regulations governing gambling activities, and a source close to the ANJ stated that Polymarket's activities are classified as gambling, which is not permitted in France.

“Even if Polymarket uses cryptocurrencies in its operations, it remains a betting activity, and this is not legal in France,” the source explained.

According to The Big Whale, William O’Rorke, a partner at ORWL Avocats,簡潔明了地表示道，“Polymarket 在本质上属于赌博。用户在某件随机发生的事情上押注金钱，就好比体育比赛一样。”O’Rorke 表示，此定义完全符合赌博的定义，而由于 Polymarket 并不像受监管金融公司那样拥有特定的金融或投资规则，因此 ANJ 有权封禁它——即使 Polymarket 并未直接瞄准法国用户。

France's National Gaming Authority believes that Polymarket's setup, where users bet on uncertain events, falls under gambling. Despite using cryptocurrency in its operations, the platform functions similarly to traditional betting sites, a form of online gambling that is currently not covered by French regulations.

The Big Whale’s sources indicate that French regulator ANJ is set to ban crypto betting platform @Polymarket due to its setup, which falls under gambling despite using crypto. (More: https://t.co/0808080808) pic.twitter.com/IyaGyQVHhN

— Degen News (@DegenerateNews) November 6,2024

The ANJ is now poised to block French users from accessing Polymarket, a move that many believe will herald tighter controls over crypto-based betting platforms across Europe.

As gambling laws encounter new challenges posed by crypto-based platforms, regulators around the world will likely be monitoring closely how France handles the ban on Polymarket.