"New Yorkers deserve the protections that come with legal, regulated gaming. The so-called prediction markets are just illegal gambling operations that expose young people to addictive platforms."
"The complaints indicate investigators tracked how accounts were opened, how wagers were entered, what fees were charged, and how payouts moved back to users."
New York Attorney General Letitia James has filed lawsuits against Coinbase and Gemini, alleging they operate illegal online gambling markets. The lawsuits claim that these companies allow residents to place bets on various outcomes without the necessary gaming licenses. James argues that simply labeling these products as market contracts does not exempt them from gambling laws. The state seeks financial penalties, profit surrender, consumer compensation, and permanent injunctions against the companies to prevent further operations in New York.
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