{"id":99050,"date":"2024-11-07T01:32:01","date_gmt":"2024-11-07T05:32:01","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=99050"},"modified":"2024-11-07T01:35:59","modified_gmt":"2024-11-07T05:35:59","slug":"polymarket-faces-french-ban","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/polymarket-faces-french-ban\/","title":{"rendered":"Polymarket Faces French Ban Over Major US Election Bets"},"content":{"rendered":"\n

France's ANJ may ban Polymarket<\/a> after a $450M\u00a0bet on the 2024 US election amid concerns about unlawful gambling and market manipulation.<\/p>\n\n\n\n

\"Polymarket<\/figure>\n\n\n\n

Polymarket, a crypto-powered prediction market, may soon face a ban from France\u2019s gambling authority, ANJ, following a surge in bets on the 2024 U.S. presidential election. <\/p>\n\n\n\n

As prediction platforms gained global traction, Polymarket saw record engagement, with an anticipated payout of $450 million if Donald Trump<\/a> wins.<\/p>\n\n\n\n

$450 Million Expected for Election Bets<\/h2>\n\n\n\n

Prediction markets, anticipating around $450 million in payouts\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> to election bettors should Trump prevail, have garnered significant attention. <\/p>\n\n\n\n

Although traditional polls indicated a tight race, platforms like Polymarket and Kalshi have shown a marked increase in Trump\u2019s chances, diverging from poll predictions.<\/p>\n\n\n\n

A prominent example is a French trader known as \u201cTheo,\u201d who placed a $26 million wager on Trump\u2019s victory and won $49 million, drawing regulatory attention to Polymarket\u2019s compliance with French gambling laws.<\/p>\n\n\n\n

ANJ Mulls Blocking Polymarket<\/h2>\n\n\n\n

The ANJ argues that Polymarket provides unlicensed gambling services, a domain reserved for licensed operators in France. <\/p>\n\n\n\n

According to local media, ANJ has authority to restrict access to unlicensed gambling sites, with plans to block Polymarket\u2019s reach in France. <\/p>\n\n\n\n

An ANJ source remarked, \u201cPolymarket is just betting on something that is completely uncertain, which is exactly what gambling is.\u201d<\/p>\n\n\n\n

If implemented, the ban could prevent French users from accessing Polymarket, although some may circumvent it with a VPN. <\/p>\n\n\n\n

The ANJ may also pressure media channels and directories to halt advertisements or links to Polymarket, reducing its visibility.<\/p>\n\n\n\n

Concerns Over Market Manipulation<\/h2>\n\n\n\n

Polymarket\u2019s heightened activity has sparked concerns about potential market manipulation. <\/p>\n\n\n\n

Blockchain analysis firms Chaos Labs and Inca Digital reported potential wash trading<\/a> within Polymarket\u2019s U.S. presidential market, where assets are repeatedly bought and sold to inflate activity. <\/p>\n\n\n\n

This manipulation could distort market signals and mislead participants.<\/p>\n\n\n\n

In May, the U.S. Commodity Futures Trading Commission also proposed new rules to increase regulation of prediction markets, citing potential manipulation risks. <\/p>\n\n\n\n

While no final decision has been made, regulatory moves may impact Polymarket\u2019s operations in additional markets, including the United States.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

France’s ANJ may ban Polymarket after a $450M\u00a0bet on the 2024 US election amid concerns about unlawful gambling and market manipulation. Polymarket, a crypto-powered prediction market, may soon face a ban from France\u2019s gambling authority, ANJ, following a surge in bets on the 2024 U.S. presidential election. As prediction platforms gained global traction, Polymarket saw […]<\/p>\n","protected":false},"author":56,"featured_media":99053,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[1763,22694,20746],"class_list":["post-99050","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-france","tag-polymarket-election-betting","tag-us-election"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/11\/Polymarket-Faces-French-Ban-Over-Major-US-Election-Betting.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/99050","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=99050"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/99050\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/99053"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=99050"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=99050"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=99050"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}