Polymarket bans French users but still can’t stop VPNs
A reporter has reportedly used a VPN to bypass crypto-powered prediction market Polymarket’s ban on French users that was put in place after one gambler made $85 million betting on the outcome of the US presidential election.
The journalist from The Big Whale attempted to access the site from France but was greeted with a Polymarket disclaimer stating that persons in the US and France are not allowed to trade on the platform.
Despite this, he could still place a bet on the site thanks to the use of a VPN.
France’s National Gambling Authority (ANJ) launched a probe into the site on November 7 after it was made aware that a French user named Théo had bet over $30 million on Trump to win the US election.
Read more: Polymarket faces US probe as Kalshi exec allegedly fuels wash-trading concerns
French authorities are reportedly planning to ban Polymarket altogether. One source close to the ANJ told The Big Whale, “Even if Polymarket uses cryptocurrencies in its operations, it remains a betting activity, and this is not legal in France.”
Polymarket surfed a wave of immense popularity during the election and on November 6, its daily volume peaked at $367 million. Since then, daily volume on the platform has plummeted as low as $31.9 million.
The US has also reportedly been investigating Polymarket since before the election and raided the house of its CEO on November 13. The probe takes issue with Polymarket allowing US users to bet on its site despite bans.
Polymarket is also facing claims of wash-trading allegedly sourced from an exec at the competitor prediction market firm Kalshi.
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