-- Coinbase Global (COIN) and Gemini Titan have been sued by New York Attorney General Letitia James for allegedly violating the state laws against against illegal gambling with their prediction markets, Reuters reported Tuesday, citing complaints filed in a state court in Manhattan.
James said that the two companies neglected to obtain licenses from the New York State Gaming Commission for the markets, which fit under the state's definition of gambling, according to the report. The attorney general added the two companies also allowed 18- to 20-year-olds use their platforms, going against the state's minimum age of 21 for mobile sports betting, the report said.
James aims to recoup illegal profits, impose civil penalties triple of the amount, and provide restitution to customers, as well as to ban Coinbase and Gemini from allowing people under 21 to wager, the report said.
Coinbase and Gemini Titan did not immediately reply to a request for comment from.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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