Polymarket Expands Access Restrictions Amid French Compliance Inquiry
- Polymarket has widened its access restrictions to include users in France.
- ANJ is looking into Polymarket to make sure it complies with French gambling regulations.
In light of a rumoured inquiry into the platforms compliance with local gambling regulations, prediction marketplace Polymarket has widened its access restrictions to include users in France.
Although the company has not yet made an official announcement regarding the ban on French users. A message stating that Polymarket is in view-only mode for persons located in the US, France, or restricted jurisdictions is displayed. When trying to access the prediction market platform from France.
A Polymarket spokesperson told:
Users in France can continue to access Polymarket for critical information about the events that matter most to them, but for the time being weve hit pause on new trades. We took this step proactively while we continue to engage with stakeholders in the country about our platform and prediction markets more generally.
Compliance with French Regulations
The new limitations are a result of an alleged investigation into the sites compliance with French legislation by the National Gaming Authority (ANJ), which is responsible for overseeing online gambling in France. Following the roughly $80 million profit that French citizen Théo, alias Fredi9999, made from betting on Donald Trumps victory in the U.S. presidential election earlier this month, it is possible that government authorities became interested in the site.
According to a recent interview with The Block, an official from the ANJ said that the organization is looking into Polymarket. To make sure it complies with French gambling regulations. This follows increased scrutiny of Théos platform betting activities and a spike in demand during the US election. French users may have been restricted from the site. Due to a policy change that has not been formally notified by the French agency.
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Read more: https://thenewscrypto.com/polymarket-expands-access-restrictions-amid-french-compliance-inquiry/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
