Polymarket, a decentralized prediction platform, has suspended access to French users following an investigation by France's online gaming regulator, ANJ. The action comes after a French trader, known as the "Trump Whale," won approximately $85 million betting on Donald Trump in the recent US presidential election.

The platform facilitated about $3.2 billion in election-related wagers, attracting regulatory scrutiny due to its operation without proper gambling or financial product licenses in France.

French users attempting to access Polymarket now receive a restriction notice, similar to the one shown to US users since 2022, when the company paid a $1.4 million settlement to the CFTC for operating an illegal unregistered facility.

Recent developments include an FBI raid on CEO Shayne Coplan's Manhattan apartment, where agents seized electronic devices. While the company claims this was "political retribution" for their election predictions, it more likely relates to investigating potential unauthorized US user access. Coplan has not been arrested or charged with any crime.

Polymarket operates using event contracts, allowing users to trade on binary "yes" or "no" outcomes of future events using cryptocurrency. The platform lacks regulatory approval from both ANJ and the French financial regulator AMF (Autorité des Marchés Financiers), raising questions about its legal status in various jurisdictions.

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