France’s gambling regulator, the Autorité nationale des jeux (ANJ), is examining the cryptocurrency prediction market platform Polymarket for compliance with French gambling laws. Despite Polymarket being based in New York, it has attracted significant user engagement in France, especially during the 2024 US presidential elections, generating $2.5 billion in bets as of October. A representative from the ANJ indicated that Polymarket may face a ban in the near future, as its operations fall under the definition of gambling, which is illegal in France, irrespective of its use of cryptocurrencies. The platform is currently inaccessible to US residents but has seen participation from individuals in France. The scrutiny suggests that even decentralized platforms engaging in betting activities are not exempt from national legislation. Polymarket’s CEO mentioned that the platform played a role in providing insights into campaign dynamics for political teams, highlighting its influence in major events.

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