Polymarket Displeased with French Regulatory Measures, Will Seek Legal Recourse to Overturn Blockade

BlockBeats News, July 22nd, according to Reuters, the prediction market platform Polymarket has stated that it will challenge the decision of the French regulatory authority to block its website through a legal process. Polymarket expressed disappointment at the regulatory authority's sudden unilateral blocking action.

Last week, France requested local Internet service providers to block Polymarket, citing concerns that the platform could expose users to significant losses and that some markets may be subject to manipulation risks.

As prediction markets rapidly gain popularity, regulatory authorities around the world are increasing their scrutiny. In May of this year, the Spanish government temporarily banned Polymarket and its competitor Kalshi from operating locally; in June of this year, the U.S. Commodity Futures Trading Commission issued a new regulatory proposal for the prediction market industry.