New York Sues Coinbase and Gemini Over Alleged Illegal Prediction Market Gambling Operations
Bitcoin Magazine
New York’s Attorney General is suing Coinbase and Gemini for allegedly operating unlicensed gambling markets through their prediction platforms.Summary
New York Attorney General Letitia James has initiated lawsuits against Coinbase Financial Markets and Gemini Titan, alleging they operate illegal, unlicensed gambling platforms. The state claims these prediction markets allow users to bet on outcomes like sports, entertainment, and elections without required state authorization. Furthermore, the suit highlights concerns regarding underage access, as the platforms reportedly allow users as young as 18 to participate, despite New York law requiring a minimum age of 21 for such activities. The state is seeking the forfeiture of profits, civil fines, and stricter operational restrictions.
(Source：Bitcoin Magazine)