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French regulator plans to ban Polymarket platform

French regulator plans to ban Polymarket platform

HappyCoinNewsHappyCoinNews2024/11/08 13:11
By:HappyCoinNews

Как reported The French publication The Big Whale, the country's regulator is soon planning to ban the Polymarket platform from operating on its territory.

France's National Gambling Authority took notice of the platform after it was revealed that one of its citizens had bet $30 million on Donald Trump to win the US presidential race, according to people familiar with the matter.

As it turned out, a French citizen known by the nickname Fredi9999 is one of four of the five largest holders of shares in the American politician's victory. However, as experts say, he did not conduct fictitious trading.

The French regulator believes that the Polymarket platform is engaged in bookmaking activities, which are completely prohibited in France, despite the fact that bets on it are accepted in cryptocurrencies.

Representatives of the Authority stated that the platform is currently being checked and its activities are being studied for compliance with gaming legislation.

If violations are detected, the Administration may block the domain name of the platform and exert bureaucratic pressure on counterparties involved in promoting the platform so that they stop cooperating with it.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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