French Regulator Prohibits Crypto Predictions Platform Polymarket

  • UM News
  • Posted 5 months ago
00:00

The French National Gaming Authority (ANJ) kept a close watch on the Polymarket.com website, managed by the Web3 tech firm Adventure One QSS, throughout November. According to a [report](https://anj.fr/suite-lintervention-de-lanj-le-site-polymarket-ne-propose-plus-ses-services-sur-le-territoire), the platform seemed to offer forms of gambling possibly violating French regulations.

Among the services provided were games of chance, like online slots, which are currently banned under French law. The ANJ reached out to Adventure One QSS, a company with licensing granted in Panama, at the end of November to address these concerns. It was resolved that a geoblocking mechanism would be implemented to stop users in France from accessing the site.

This issue gained attention approximately a month ago when a report by [Bloomberg](https://www.bloomberg.com/news/articles/2024-11-07/crypto-bets-on-trump-polymarket-examined-by-french-regulator-anj?embedded-checkout=true) suggested that French authorities might intervene with Polymarket.com. By November 21, the geolocation block was activated as noted in [other sources](https://www.techopedia.com/news/polymarket-restricts-access-for-french-users-following-gambling-law-probe#:~:text=In%20response%20to%20the%20growing,illegal%20betting%20under%20French%20law.).

Players impacted by this move were advised to reach out to Adventure One QSS for further details.

Polymarket encountered similar challenges in the United States, where it is not legally allowed to function. In 2022, the company incurred a $1.4 million penalty by the Commodity Futures Trading Commission for failing to register appropriately, which led to a suspension of its operations.

### Consequences of Offering Illegal Games of Chance

Operating unauthorized games within France is a serious crime that could lead to imprisonment. Offenders risk a prison sentence of three years and a fine of €90,000 (£74,557/$94,609), escalating to seven years’ imprisonment and a €200,000 fine if the crime is carried out by an organized group.

To date, the ANJ has blocked access to over 944 websites that violate gambling laws in France. This blacklist is regularly updated and is [accessible online](https://anj.fr/liste-noire-des-sites-de-jeux-dargent-et-de-hasard-interdits-en-france).

“In general, ANJ wants to caution players against using illegal websites as they are vulnerable to several significant risks,” the authority stated. “These risks include non-payment of winnings, fraud in payment methods, identity theft, and the installation of harmful software programs.”

For those unsure about the legality of a gambling site, consulting the ANJ’s list of approved sites is advised.

### Future of Legal Online Slots in France?

The potential legalization of online slots in France has been under discussion for a while. In October, the government’s stance became more apparent when it indicated plans to possibly legalize these games.

They proposed an amendment to the 2025 budget to legalize online casinos, and a six-month consultation, confirmed by Budget Minister Laurent Saint-Martin, is set to commence next year.

Due to the extensive nature of this process, any new legislation is unlikely to be enacted in 2025. Nonetheless, should the consultation yield favorable results, it could result in a law allowing legal slots by 2026.

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