New York AG Targets Coinbase, Gemini with Prediction Market Allegations

The New York Attorney General has taken action against two prominent cryptocurrency exchanges, accusing them of operating prediction market platforms that engage in 'illegal gambling'.

According to sources familiar with the matter, Coinbase and Gemini are facing a lawsuit for allegedly allowing users to place bets on various outcomes, including financial and sports events.

The New York Attorney General's office has alleged that these platforms are facilitating 'illegal gambling' by enabling users to wager on uncertain events. This move is seen as a significant development in the regulatory landscape of the cryptocurrency industry.