BlockBeats reported on July 22nd, citing Reuters, that prediction market platform Polymarket stated it will challenge the French regulator's decision to block its website through legal proceedings. Polymarket expressed disappointment at the regulator's sudden and unilateral action.
France last week asked local internet service providers to block Polymarket, citing concerns that the platform could cause significant losses to users and that parts of the marketplace are at risk of manipulation.
As prediction markets rapidly gain popularity, regulators in various countries are increasing their scrutiny. In May of this year, the Spanish government temporarily banned Polymarket and its competitor Kalshi from operating in the country; in June, the U.S. Commodity Futures Trading Commission released a new draft regulation for the prediction market industry.