The Autorite Nationale des Jeux (ANJ) is examining Polymarket's operations to ensure compliance with French gambling legislation, which bans betting activities.
A French national named Theo has reportedly made $50 million by betting on Polymarket that Donald Trump would win the U.S. presidential election.
Despite using cryptocurrencies, the ANJ stated that Polymarket's activities are illegal in France as they fall under betting regulations.
Polymarket, a crypto-based prediction market, has seen record betting volumes on recent political events, prompting regulatory scrutiny in France.
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