Théo’s Trump bet

France’s ANJ reportedly began investigating the platform after an anonymous French user, nicknamed “Théo,” placed over $30 million in bets on Trump’s election outcome. 

Théo ultimately profited nearly $80 million from the wagers, fueling concerns about potential market manipulation and insider trading.

Polymarket, which operates using cryptocurrencies, allows users allows users to bet on the outcomes of real-world events, such as elections or sports results. These markets are powered by blockchain technology, making transactions transparent but also raising legal compliance questions in certain jurisdictions. 

Gambling regulators in France categorize such activity as unlicensed betting, which is prohibited under national law.

The French regulator’s scrutiny, reportedly spurred by the scale of Théo’s betting activity, may have pressured Polymarket to impose similar restrictions on users in France.

Polymarket’s recent US activity 

While Polymarket has restricted U.S. users since 2022 due to a settlement with the Commodity Futures Trading Commission, France has been a significant market for the platform. 

After the US election, federal agents from the FBI seized mobile devices belonging to Polymarket CEO Shayne Coplan during a search of his Soho property. The agents woke Coplan up at 6 a.m. but did not inform him of the investigation’s reasons.