BlockBeats news, on July 22, according to Reuters, the prediction market platform Polymarket stated that it will challenge France’s regulatory authority’s decision to block its website through French legal procedures. Polymarket expressed disappointment over the regulatory authority’s sudden and unilateral action to block the site.
Last week, France required local internet service providers to block Polymarket, citing that the platform could expose users to significant losses and that some markets pose a risk of manipulation.
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, the U.S. Commodity Futures Trading Commission released a new regulatory proposal targeting the prediction market industry.