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France is considering restricting access to Polymarket due to concerns over unlicensed gambling activities. reported It was published on Wednesday by French web3-focused publication The Big Whale.

Polymarket’s model of betting on future events using crypto meets the definition of gambling under French law. This classification subjects the platform to strict regulations and possible bans.

“Even if Polymarket uses cryptocurrencies in its operations, it remains a betting activity and this is not legal in France,” said a source close to the Autorité Nationale des Jeux (ANJ), also known as the National Gambling Authority, which oversees all forms. gambling in the country.

Polymarket, which has raised $74 million from venture capital funds and crypto figures including Ethereum co-designer Vitalik Buterin since its 2020 launch, has seen over $3.2 billion bet on the US presidential election. According to Dune Analytics data, the platform recorded $294 million in trading volume on November 5 alone.

William O’Rorke, partner at ORWL Avocats, stated that ANJ had the authority to block Polymarket’s operations in France, despite the platform not specifically targeting French users.

The regulator’s attention was drawn to a French trader who bet more than $30 million on Trump’s victory, netting a potential net profit of about $19 million, the report said.

ANJ told Big Whale that they were “currently reviewing its operation and compliance with French gambling legislation.”

Polymarket remains inaccessible to US users following a settlement with the Commodity Futures Trading Commission (CFTC) in early 2022.

As part of the settlement, the platform paid a $1.4 million fine for operating as an unregistered trading platform. They also agreed to cease operations against US residents and citizens.

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