Polymarket took action to block French traders in response to a gambling probe by the country’s government. The prediction markets platform faced scrutiny from France’s national gaming authority, the ANJ, after a French trader placed significant bets on Donald Trump winning the 2024 U.S. Presidential election.
Despite the ban on French traders, Polymarket’s terms of service did not explicitly mention the restriction at the time of the press. However, when a reporter using a VPN tried to access the website from a French server, they encountered a digital blockade.
The news of the ban was first brought to light by The Big Whale, a French crypto news site, on social media. Both Polymarket and the ANJ did not provide immediate comments or responses to the situation.
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In other news related to the cryptocurrency industry, Bitcoin has been nearing the $100,000 mark amid a battle between a pullback and bullish sentiment. Additionally, there have been discussions about the resurgence of Bitcoin programmability, likened to a ‘Renaissance’ by Portal VC Founder. Furthermore, there have been reports of former President Donald Trump considering a crypto lawyer for the SEC Chair position and selecting Howard Lutnick for the Commerce Secretary role. Bitcoin has also reached a new all-time high following BlackRock’s IBIT options launch.
As the investigation into Polymarket’s compliance with gambling laws continues, the platform’s decision to block French traders reflects the increasing regulatory scrutiny faced by the cryptocurrency industry. It remains to be seen how this situation will unfold and impact the operations of Polymarket in the future.