HomeNew York State Sues Coinbase and Gemini Over Alleged Illegal Prediction Market Operations
New York’s Attorney General has initiated legal proceedings against prominent cryptocurrency exchanges Coinbase and Gemini, alleging they operated unauthorized prediction markets within the state.
Legal filings argue these platforms functioned as illegal gambling operations by permitting users under 21 to wager, violating state age restrictions. The complaint also highlights breaches of New York’s ban on betting involving New York University (NYU) athletic events.
State officials assert that both companies intentionally evaded taxes, bypassing the financial obligations imposed on licensed casinos and mobile sportsbooks to secure an unfair market advantage.
New York is seeking penalties equivalent to triple the firms’ New York profits. The market reacted swiftly, with Coinbase shares falling over 7% and Gemini-related assets experiencing significant volatility, signaling potential long-term compliance challenges for the U.S. crypto sector.
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New York’s Attorney General has initiated legal proceedings against prominent cryptocurrency exchanges Coinbase and Gemini, alleging they operated unauthorized prediction markets within the state.
Legal filings argue these platforms functioned as illegal gambling operations by permitting users under 21 to wager, violating state age restrictions. The complaint also highlights breaches of New York’s ban on betting involving New York University (NYU) athletic events.
State officials assert that both companies intentionally evaded taxes, bypassing the financial obligations imposed on licensed casinos and mobile sportsbooks to secure an unfair market advantage.
New York is seeking penalties equivalent to triple the firms’ New York profits. The market reacted swiftly, with Coinbase shares falling over 7% and Gemini-related assets experiencing significant volatility, signaling potential long-term compliance challenges for the U.S. crypto sector.
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