French regulators launch review of crypto prediction platform Polymarket

France's National Gaming Authority (ANJ) is reviewing the operations of cryptocurrency-based prediction market platform Polymarket to determine whether it complies with local rules, following a surge in user requests for the platform during the US Presidential Election. "We are aware of the site and are currently checking its operations and whether it complies with French gambling regulations," an ANJ spokesperson said on Thursday. The ANJ is expected to ban French users from accessing Polymarket, crypto news outlet The Big Whale reported late Wednesday. Previously, Polymarket identified an anonymous trader as French who made large bets on the platform in favor of Trump winning the election. The trader, who goes by the username Fredi9999, is expected to make about $48 million in betting profits across four accounts, calculations show. According to the regulations of the government website, any new gambling market must be authorized by the ANJ in advance.