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New York Sues Coinbase (COIN.US) and Gemini Over Crypto Exchange Prediction Markets
New York Attorney General Letitia James has filed a lawsuit against cryptocurrency exchanges Coinbase (COIN.US) and Gemini, alleging that the two companies operated prediction mark...
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New York Sues Coinbase (COIN.US) and Gemini Over Crypto Exchange Prediction Markets
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New York Attorney General Letitia James has filed a lawsuit against cryptocurrency exchanges Coinbase (COIN.US)      and Gemini, alleging that the two companies operated prediction markets in violation of state gambling laws.

The lawsuit alleges that the companies illegally allowed individuals under the age of 21 to engage in gambling, which is prohibited in New York State, and also violated a ban on betting on New York college teams.

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In a statement, the Attorney Generals office said Coinbase and Gemini sought to circumvent obligations to pay taxes similar to those imposed on licensed casinos and mobile sports betting platforms. The state is seeking penalties equivalent to three times the profits the two companies earned in New York.

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This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.

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