New York Attorney General Targets Unlicensed Prediction Markets

The New York State Attorney General's office has taken a stance against two prominent cryptocurrency exchanges, Coinbase and Gemini, in regards to their prediction markets.

Prediction markets are products offered by these exchanges that allow users to bet on various events such as sports games and elections. However, according to the New York AG's office, these markets do not possess the necessary licenses to operate within the state's jurisdiction.

The lawsuits filed against Coinbase and Gemini seek to shut down their event-contract products unless they can prove that they have obtained proper authorization from New York regulators.