Polymarket: Will France Ban the Crypto Platform That Exploded During the US Elections ?

Donald Trump © Wikimedia Commons

Do you know Polymarket ? The prediction market platform has been much talked about during the last American elections. Its success has even attracted the attention of the French authorities, if we are to believe the information on the site The Big Whale.

What is Polymarket ?

Remember that this American platform allows its users to bet on various scenarios concerning sports, financial markets, or even upcoming political and geopolitical events. Internet users bet cryptocurrencies on what might happen and eventually recover their winnings depending on what happens.

According to a source from our colleagues at the National Gaming Authority (ANJ), this service is similar to a game of chance. He thus emphasizes: “Even if Polymarket uses cryptocurrencies in its operation, it remains a betting activity and this is not legal in France”.

Questioned through official channels, the ANJ declared to The Big Whale: “We are aware of this site and we are currently examining its operation as well as its compliance with French legislation on gambling.”

If this were the case, its domain name would be blocked on the national territory. A prospect that would slow down its activities but would not prevent the smartest from accessing it, in particular by using VPNs.

Polymarket and the American elections

Let us recall that the platform made headlines in France after a French trader decided to bet nearly 30 million euros on a Donald Trump victory. It seems that this is precisely what aroused the curiosity of the French authorities, according to The Big Whale.

In fact, this service was also much criticized during the election campaign. Indeed, the more a bettor bets on the market, the more he will weigh in favor of a candidate. The fact that the evolution of the shares is displayed in the form of percentages may suggest that it is a survey, underlines France Info, but this is not the case.

Donald Trump supporters, including Elon Musk, happily shared these biased figures to highlight their protégé's popularity, even though Americans were not allowed to bet.

Critics of the service finally expressed their concerns about the risks of corruption or gamification of the political system. In the United States, a court decision has recently authorized platforms to accept bets related to this theme and we could therefore see this type of initiative multiply.

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