"Letitia James filed the complaints in Manhattan state court, accusing both crypto exchanges of running markets where users trade on the outcomes of sports events and elections without holding New York State Gaming Commission licenses."
"James argued the platforms meet New York's legal definition of gambling because outcomes are determined by chance or factors outside users' control, regardless of how the companies characterize their products."
"Both companies allegedly allowed users between 18 and 20 years old to participate, according to the complaints, violating the state's minimum age requirement for mobile sports betting."
"Gambling by another name is still gambling, and it is not exempt from regulation under our state laws and Constitution, James argued in a statement issued alongside the filings."
New York Attorney General Letitia James filed lawsuits against Coinbase Financial Markets and Gemini Titan for operating unlicensed prediction markets. The platforms allegedly allowed users aged 18 to 20 to wager, violating the state's sports betting law that requires participants to be 21 or older. James seeks triple civil fines, customer restitution, and a ban on marketing to college campuses. This legal action represents a significant enforcement effort against prediction markets by major cryptocurrency platforms in New York.
Read at news.bitcoin.com
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