Polymarket, a leading blockchain-based prediction market, has restricted its access to French users due to a government investigation into its compliance with the country’s gambling laws, according to local media reports.
The platform, known for allowing users to bet on real-world outcomes using cryptocurrency, implemented the block on November 22nd. The move comes amid increased scrutiny from France’s national gaming authority, the ANJ.
French users blocked
At press time, Polymarket’s official terms of service did not reflect its decision to block users. However, attempts to access the site from French servers resulted in a digital barrier.
French cryptocurrency news outlet The Big Whale was the first to report on the block, stating that some users had used virtual private networks (VPNs) to circumvent the restrictions.
The investigation reportedly began after a French trader placed a significant bet on President Donald Trump’s victory in the 2024 US presidential election, sparking significant activity on the platform.
Polymarket’s global presence and use of cryptocurrency has raised questions about its legal status in jurisdictions with strict gambling regulations, including France.
Neither Polymarket nor ANJ responded to requests for comment on the matter. The ANJ, which oversees online gambling and wagering activities in France, is known for its strict enforcement of domestic laws. Research into Polymarket highlights the challenges decentralized platforms face in navigating diverse regulatory environments.
Polymarket’s rise to prominence has been fueled by its innovative use of blockchain technology. It allows users to create and participate in markets and predict the outcomes of everything from elections to sporting events.
regulatory uncertainty
The platform operates on the principle of decentralization, where markets are governed by smart contracts rather than traditional intermediaries.
But these innovations have also made them a mainstay for regulators in several countries, including the United States. The French investigation could set an important precedent for prediction markets operating in highly regulated jurisdictions.
Observers note that platforms like Polymarket must balance their commitment to decentralization with the need to comply with local laws, which can vary greatly from country to country. Polymarket’s move to block French users may appear to be a compliance move, but the effectiveness of this measure is debatable, given that the restrictions can be easily circumvented via VPN.
This raises broader questions about how decentralized platforms can address regulatory challenges without compromising their core principles. ANJ’s findings could provide greater clarity on how regulators perceive decentralized markets and whether such platforms can coexist with established gambling laws.
For now, Polymarket’s move represents a cautious approach to navigating the complexities of global regulatory compliance.