French Regulator Examines Polymarket After Crypto Bets on Trump.

The French gambling regulator is investigating Polymarket, a cryptocurrency-based prediction market, to ensure compliance with local laws due to increased user activity around the US presidential election. A French trader, known as Fredi9999, placed significant bets on the platform in favor of Donald Trump, potentially earning $48 million. Polymarket, based in New York, saw a surge in trading activity during the election, despite being banned for US users following a 2022 settlement with the US Commodity Futures Trading Commission. Traders on Polymarket use cryptocurrency to buy shares predicting outcomes, with the platform displaying profits based on share prices and payouts. [Extracted from the article]