New York Sues Coinbase, Gemini Over Unlicensed Markets

New York Attorney General Letitia James has filed lawsuits against Coinbase Financial Markets and Gemini Titan, alleging that the companies operated prediction markets without obtaining a license from the New York State Gaming Commission. The complaints state that the exchanges violated state gambling laws by offering unlicensed markets where users could bet on real‑world events.

James seeks to recover alleged illegal profits, obtain restitution, and bar Coinbase and Gemini from offering these products to individuals under 21 years of age. The action is part of a broader effort by state regulators to assert control over prediction markets, even as the Commodity Futures Trading Commission maintains that it has federal authority over the sector. The lawsuits highlight the ongoing tension between state and federal regulators over how such platforms should be treated

(Source：Cointelegraph)