France May Ban Crypto Betting Platform Polymarket

[ABCbits]

France May Ban Crypto Betting Platform Polymarket

France’s gambling regulator, the Autorité Nationale des Jeux (ANJ), is reportedly set to ban Polymarket, a crypto-based betting platform, from operating within the country.

According to a report by The Big Whale, the decision comes after the platform attracted attention when a French user placed large bets on the U.S. presidential election... Read more here.


It's not surprising, considering France already have strict gambling law. Although it's weird it doesn't happen sooner since Polymarket name already reached mainstream media since last year. Your opinion is greatly appreciated.

[Baofeng]

It's just weird though, I mean just because a French man bet huge on Trump then suddenly they are going to ban it?

Perhaps they are mad because they can't take the French man that won millions on that platform? Oh well, they have every right to do it, but I guess that man will continue to go and gamble somewhere else.

[Zed0X]

~
According to a report by The Big Whale, the decision comes after the platform attracted attention when a French user placed large bets on the U.S. presidential election...

lol, this is what I was expecting to see after I read the title. I bet Poly really hit it big from the worldwide betting on US Presidential election.

As for the plan to ban, I think it's the natural thing to do. It would be unfair to all the popular but unregistered crypto betting platforms that they blocked in the past.

[Charles-Tim]

It's just weird though, I mean just because a French man bet huge on Trump then suddenly they are going to ban it?

Perhaps they are mad because they can't take the French man that won millions on that platform? Oh well, they have every right to do it, but I guess that man will continue to go and gamble somewhere else.

Small gambling sites may not really obey the laws and regulations. There are many of them that the government does not know and they are providing gambling products and services. That is why you will see many of the centralized sites like exchanges and gambling sites not being a KYC sites before but grow bigger and become KYC sites. If they grow large, this will let regulators to know them.

[Lucius]

No wonder, every government wants its share of the pie, and accordingly they do not allow the operation of unregistered online casinos in their countries. I don't know if it has anything to do with it, but a few days ago my finance minister also announced that he will block all those online casino/betting companies that operate illegally in my country, which is also part of the EU.

In a way, I don't see a problem with that, if you avoid paying taxes then it's logical that they block you - although we all know how to visit a website even if it's blocked - that's why VPN and Tor exist.

[MrSpasybo]

Small gambling sites may not really obey the laws and regulations. There are many of them that the government does not know and they are providing gambling products and services. That is why you will see many of the centralized sites like exchanges and gambling sites not being a KYC sites before but grow bigger and become KYC sites. If they grow large, this will let regulators to know them.

Yeah, gambling is a sensitive area and many platforms just want to exist with enough users to have a stable revenue, rather than focusing on promotion to increase popularity or have more users. Small gambling platforms can exist normally while large platforms like Polymarket will always have problems.

Polymarket has had such a big impact that even governments can't ignore it. I don't use Polymarket and I don't care about its fate in France, I just know that in the future the predictions of Polymarket players will have a significant impact on the outcome of many real-world events, including the legality and growth of the crypto market.

[KingsDen]

No wonder, every government wants its share of the pie, and accordingly they do not allow the operation of unregistered online casinos in their countries. I don't know if it has anything to do with it, but a few days ago my finance minister also announced that he will block all those online casino/betting companies that operate illegally in my country, which is also part of the EU.

In a way, I don't see a problem with that, if you avoid paying taxes then it's logical that they block you - although we all know how to visit a website even if it's blocked - that's why VPN and Tor exist.

Although the government will claim that they are doing all this to  ensure the protection of its citizens, prevent money laundering activities and regulate financial activities in the country. But the truth is, the government is angry because they are not earning much from unregistered and unrecognised crypto betting platforms.

Polymarket will now have to deal with the legal consequence of not complying to the laws of the country where they are operating.

[robelneo]

France May Ban Crypto Betting Platform Polymarket

France’s gambling regulator, the Autorité Nationale des Jeux (ANJ), is reportedly set to ban Polymarket, a crypto-based betting platform, from operating within the country.

According to a report by The Big Whale, the decision comes after the platform attracted attention when a French user placed large bets on the U.S. presidential election... Read more here.

That's a huge advertisement for Polymarket in the French soil, and the government doesn't want their citizens to follow the lead of that winner, so they are banning it, and their skepticism on the reliability of the predicting platform makes me wonder if that French guy did not win, will they still do a witch hunt on this kind of platform?
I'm sure the guy with that huge amount will continue betting on the prediction platform, even to the extent of going to other countries where gambling is legal.

[Jating]

No wonder, every government wants its share of the pie, and accordingly they do not allow the operation of unregistered online casinos in their countries. I don't know if it has anything to do with it, but a few days ago my finance minister also announced that he will block all those online casino/betting companies that operate illegally in my country, which is also part of the EU.

In a way, I don't see a problem with that, if you avoid paying taxes then it's logical that they block you - although we all know how to visit a website even if it's blocked - that's why VPN and Tor exist.

It's going to be a big risk for gamblers if they uses VPN or Tor if they want to play on a gambling platform that is blocklisted, so I wouldn't go that far if you are a French gambler.

But then again, it's the dreaded tax guy, you don't pay then they will go after you. I doubt though that Poly will be affected by this. If France block then they will be fine and continue to exists. They will just simply add France to the countries that they don't serve and then business as usual.

[Z-tight]

I don't think there is anything unusual here, the casino is not registered under French laws and so is operating illegally, it is normal that they would go after such services and ban them. This has nothing to do with the man who placed huge bets on their platform, it is about complying with French gambling laws and regulation.

[TomPluz]

It's just weird though, I mean just because a French man bet huge on Trump then suddenly they are going to ban it?

Very weird, indeed. The man who ultimately earned a $49 million payout must be thinking of transferring to USA now that he made big money and Trump has already won. That was actually a very easy bet since the Republican really took the election on its neck and ran the whole narrative to its advantage. Now, let's see if France will eventually ban Polymarket since its popularity will not be anymore as high as during the election season...or maybe those in power in France are afraid that by the time there can be an election in their country people will also be betting in Polymarket against the candidates of the administration or the ruling party. Anyway, congrats to the French winner and he may enjoy the fruits of his gamble.

[bitterguy28]

It's not surprising, considering France already have strict gambling law. Although it's weird it doesn't happen sooner since Polymarket name already reached mainstream media since last year. Your opinion is greatly appreciated.

they have strict rules but gambling is not illegal in france afaik so maybe even though polymarket was starting to gain recognition it did not rattle the government's cage so to say because there was not much consequences or at least big enough to be concerning but with the recent us election i can understand why the government feels the need to intervene

a french man betted a whopping $26 million to cash out a $49 million to me that sounds really concerning as it involves a huge amount of money i mean he won but imagine if he lost $26 million to a bet maybe he is rich enough to not care about that but the government would not want this to be a precedent for other gamblers to follow

[Bobcrypto]

France May Ban Crypto Betting Platform Polymarket

France’s gambling regulator, the Autorité Nationale des Jeux (ANJ), is reportedly set to ban Polymarket, a crypto-based betting platform, from operating within the country.

According to a report by The Big Whale, the decision comes after the platform attracted attention when a French user placed large bets on the U.S. presidential election... Read more here.


It's not surprising, considering France already have strict gambling law. Although it's weird it doesn't happen sooner since Polymarket name already reached mainstream media since last year. Your opinion is greatly appreciated.

I don't think there is no excuse in my opinion to ban a betting site simply because a French man won a bet on the outcome of the US presidential election. The French government should have given the public the actual reason for the planned ban, because if there are existing laws against betting, the should not have allowed polymarket to have establish in French teretory at all.

Polymarket, in my assessment was even given a very accurate projections of the elections outcome and a likely winner. I was following up their updates before the start of the election, fortunately, all their points and projected candidate, based on their analysis won the election.

[ABCbits]

It's not surprising, considering France already have strict gambling law. Although it's weird it doesn't happen sooner since Polymarket name already reached mainstream media since last year. Your opinion is greatly appreciated.

they have strict rules but gambling is not illegal in france afaik so maybe even though polymarket was starting to gain recognition it did not rattle the government's cage so to say because there was not much consequences or at least big enough to be concerning but with the recent us election i can understand why the government feels the need to intervene

a french man betted a whopping $26 million to cash out a $49 million to me that sounds really concerning as it involves a huge amount of money i mean he won but imagine if he lost $26 million to a bet maybe he is rich enough to not care about that but the government would not want this to be a precedent for other gamblers to follow

I'm aware french allow certain type of gambling when creating this thread. But from my quick research, there's no indication french regulation allows betting on events such as U.S. election.

[XFinite]

France May Ban Crypto Betting Platform Polymarket

France’s gambling regulator, the Autorité Nationale des Jeux (ANJ), is reportedly set to ban Polymarket, a crypto-based betting platform, from operating within the country.

According to a report by The Big Whale, the decision comes after the platform attracted attention when a French user placed large bets on the U.S. presidential election... Read more here.


It's not surprising, considering France already have strict gambling law. Although it's weird it doesn't happen sooner since Polymarket name already reached mainstream media since last year. Your opinion is greatly appreciated.

Might as well ban the crypto market if they can’t stand seeing people succeed and make a profit. France has been tough already... and since Durov’s arrest, it caused TON’s price to drop so low that I’ve ended up losing some of the gains I invested in.

Hopefully everything will go back as it was before.