New York AG Sues Coinbase and Gemini Over Alleged Illegal Prediction Markets
New York Attorney General Letitia James has launched legal action againstCoinbase Financial Markets and Gemini Titan, accusing both companies of operating illegal gambling platforms without licenses from the New York State Gaming Commission.
The suits argue that prediction market contracts, where users wager on sports, elections, and entertainment outcomes meet the legal definition of gambling under state law.
A key point of contention is age access: users as young as 18 can participate in these markets, despite New York law requiring a minimum age of 21 for mobile sports betting.
The filings citeNational Institutes of Health research linking early gambling exposure to increased risks of anxiety, depression, and financial strain.
The state is seeking full forfeiture of profits, civil fines equivalent to three times those profits, and restitution to affected users. Both platforms reportedly launched in mid-December and operate across all 50 states.
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