New York State Sues Coinbase and Gemini, Accusing Them of Operating an "Unlicensed" Prediction Market

BlockBeats News, April 21st, According to CNBC, New York Attorney General Letitia James on Tuesday filed a lawsuit against Coinbase Financial Markets and Gemini Titan, alleging that their prediction markets violated the state's laws against illegal gambling.

In the complaint filed with the Manhattan State Court, James stated that both companies operated their respective markets without obtaining a license from the New York State Gaming Commission. These markets allow users to trade based on the outcome of events such as sports matches and elections.