The French National Gaming Authority is considering banning blockchain-based prediction market platform Polymarket due to concerns over compliance with French gambling laws. This investigation was triggered by a French user who won nearly $20 million by betting on Trump’s victory. Polymarket allows users to bet with cryptocurrency on the outcome of political events, sports, and other events, and has seen a surge in popularity in recent months.
The platform has faced regulatory issues before, including a $1.4 million fine from the U.S. Commodity Futures Trading Commission in 2022 for not registering as a designated contract market.
