Regulators Target Polymarket's $48M Trump Betting Success
French regulators are considering banning the crypto betting site Polymarket after an anonymous trader, known as the 'Trump Whale,' made nearly $50 million betting on Donald Trump's election victory. The trader, a wealthy Frenchman, used multiple accounts and commissioned polls to inform his bets. Despite Polymarket's U.S. base, only non-U.S. users can bet due to regulatory settlements, but French authorities are scrutinizing the site for compliance with local gambling laws. Users can bypass restrictions using VPNs, complicating enforcement efforts.