New York AG Sues Coinbase and Gemini Over Alleged State Law Violations

New York Attorney General Letitia James has filed a lawsuit against two major cryptocurrency exchanges, Coinbase Financial Markets and Gemini Titan.

The lawsuit alleges that the platforms have been operating prediction markets in violation of state law, failing to obtain necessary licenses from the New York State Gaming Commission. The attorney general claims that these markets are akin to illegal gambling, and as such, should be regulated accordingly.

James' office also notes that both Coinbase and Gemini allowed users under 21 years old to participate in their prediction markets, despite New York law setting a minimum age limit of 21 for mobile sports betting.