Polymarket Faces French Ban After Massive Bets On US Election Results

Quick Summary:

Polymarket, a crypto-based prediction market, is likely to be prohibited by France’s gambling regulator, the ANJ, after a huge amount of bets were placed on the 2024 U.S.presidential election.

The high level of activity on Polymarket has led to speculations that the platform may be used for market manipulation.

The US Commodity Futures Trading Commission also has concerns about prediction markets and put forward a rule in May aiming at stricter regulation of such markets due to the potential for manipulation.

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Article Details

Author / Journalist: Kelvin Munene Murithi

Category: Crypto

Markets: IndiaFrance

Topics: 24/7 Cryptocurrency News Polymarket election betting US Election Regulation News

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-07 @ 01:38:53 (2 weeks ago)

News Timezone: GMT +8:00

News Source URL: coingape.com

Language: English

Article Length: 480 words

Reading Time: 3 minutes read

Sentences: 28 lines

Sentence Length: 18 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © CoinGape

News ID: 23455064

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About CoinGape

Main Topics: Crypto

Official Website: coingape.com

Update Frequency: 21 posts per day

Year Established: 2017

Headquarters: India

News Last Updated: 10 hours ago

Coverage Areas: India

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