New York targets Coinbase, Gemini in fresh crackdown on prediction markets

Attorney General Letitia James alleged that Coinbase and Gemini ran unlicensed markets, adding pressure on crypto companies as states move to regulate event-based trading platforms.

New York's attorney general has filed lawsuits against crypto exchange operators Coinbase Financial Markets and Gemini Titan for allegedly violating state gambling laws, according to court records cited by Reuters.

Copies of the complaints show the state alleges both exchanges failed to obtain licenses from the New York State Gaming Commission to operate their markets, Reuters reported. 

“Gambling by another name is still gambling, ​and it ​is not ⁠exempt from regulation under our state laws and Constitution,” Attorney General Letitia James said in a statement.

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