Polymarket Suspends French Operations Following $85M Trump Election Win
Polymarket, a decentralized prediction platform, has blocked access to French users following an investigation by France's online gaming regulator ANJ. The move comes after a French trader, known as the "Trump Whale," won approximately $85 million betting on Donald Trump in the US Presidential elections.
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The platform, which allows users to trade on future events using cryptocurrency, saw about $3.2 billion in wagers on the election outcome. Polymarket operates without licenses from both ANJ and AMF (Autorité des Marchés Financiers), France's financial products regulator.
French users now receive a message stating trading is unavailable in their jurisdiction, similar to restrictions already in place for US residents. This follows a 2022 incident where Polymarket paid a $1.4 million settlement to the CFTC for operating an illegal unregistered facility.
Recent developments include an FBI raid on CEO Shayne Coplan's Manhattan apartment, where agents seized electronic devices. While Polymarket claims this was "political retribution" for their election predictions, no charges have been filed, and Coplan hasn't been accused of any crime.
The platform uses event contracts that allow users to bet on "yes" or "no" outcomes of future events, raising questions about regulatory compliance in various jurisdictions. The effectiveness of these geographical restrictions remains uncertain, particularly regarding VPN usage.
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