New York Attorney General opposes Coinbase and Gemini

(AsiaGameHub) –   Attorney General Letitia James asserts that these firms are operating unauthorized gambling services via prediction market platforms.

U.S.—New York Attorney General Letitia James has initiated legal action against Coinbase Financial Markets and Gemini Titan, claiming they are conducting illicit gambling activities through prediction market platforms. A statement from the Attorney General’s office indicates that the firms permit users to wager on various outcomes, such as sports, entertainment, and elections, which contravenes state regulations.

James is seeking the disgorgement of allegedly unlawful gains, the provision of restitution to affected users, and the imposition of penalties amounting to triple the profits generated from these activities.

The Attorney General contends that the companies neglected to secure the required authorization from the New York State Gaming Commission. Furthermore, she notes that their prediction markets are accessible to individuals aged 18 to 20, whereas the legal age for mobile sports wagering is 21. The lawsuits also charge Gemini and Coinbase with breaching state statutes that prohibit betting on contests involving New York collegiate teams.

James stated: “Gambling remains gambling, regardless of the terminology used, and it is not exempt from oversight under our state laws and Constitution. The prediction markets operated by Gemini and Coinbase are essentially illegal gambling ventures that expose young individuals to addictive platforms lacking essential protections. My office is intervening to safeguard New Yorkers and halt these platforms from breaking the law.”