Major Cryptocurrency Platform to Airdrop Tokens Gets French Crackdown – What Happens Now?

Polymarket, a leading blockchain-based prediction market platform, has banned French traders from its services as part of an investigation launched by France’s national gaming authority, the ANJ, over potential violations of gambling laws.

The restriction, which was implemented today, had not yet been reflected in Polymarket’s terms of service at the time of publication. However, a reporter who used a VPN to access the platform from a French server encountered a digital blockade that suggested the ban was in place.

The move comes after reports that a French trader had caught ANJ’s attention by placing significant bets on former US President Donald Trump’s potential victory in the 2024 presidential election. The ban first appeared on social media and was reported by French crypto news outlet The Big Whale.

Polymarket has raised $74 million from venture capital firms and notable crypto figures, including Ethereum co-founder Vitalik Buterin, since its founding in 2020. Despite its blockchain-centric approach, critics argue that Polymarket’s operations align with traditional definitions of games of chance.

“While Polymarket uses cryptocurrencies, it remains a gambling activity that is illegal in France,” a source close to ANJ said. William O’Rorke, a partner at ORWL Avocats, also supported this view: “Polymarket involves betting on uncertain events. ANJ has the authority to block such platforms, even if they do not specifically target French users.”

*This is not investment advice.