France Orders Nationwide Block of Polymarket, Citing Illegal Gambling

France has moved to cut off access to Polymarket, with the National Gambling Authority (ANJ) instructing internet service providers to block the crypto-based prediction market nationwide. Regulators say the platform operates as unauthorized gambling under French law and raises concerns ranging from market manipulation to insider trading. The ANJ said the site will stay blocked until Polymarket meets France's gambling requirements. The regulator also warned that showing live betting odds to users in France can be treated as illegal gambling advertising, an offense that can lead to fines of up to €100,000 ($114,000). The ANJ's scrutiny began in late 2024 after Polymarket trading volumes jumped during the U.S. election. Authorities later barred payments and pushed French users into view-only access, but usage continued to climb. The regulator said Polymarket still drew 578,751 visits from French IP addresses in June, prompting the full block. Regulators pointed to risks they say are inherent in prediction markets, where large traders or insiders may be able to sway outcomes. The ANJ highlighted a reported case involving a French trader known as Fredi9999, who allegedly shifted market odds with multimillion-dollar wagers during U.S. political events and later earned around $50 million. The watchdog also cited a MeteoFrance-related incident in which weather data was reportedly hacked to give traders an edge in weather-linked prediction markets. The crackdown comes as Polymarket posts more than $1 billion in annualized revenue and faces growing restrictions globally. The platform is now blocked or tightly limited in more than 33 countries, including Spain, Germany, Italy, the Czech Republic, and Romania, largely over a lack of local gambling licenses. Spain temporarily blocked both Polymarket and Kalshi earlier this year, and U.S. regulators have also begun reviewing potential new rules for prediction markets.