New York sues Coinbase, Gemini Titan; calls their prediction markets illegal gambling

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New York’s attorney general sued Coinbase Financial Markets

and Gemini Titan

on Tuesday, claiming their prediction markets violate state laws against illegal gambling.

In complaints filed in a state court in Manhattan, Attorney General Letitia James said Coinbase and Gemini failed to obtain New York State Gaming Commission licenses to operate their markets, where people trade based on the predicted outcomes of events such as sports and elections.