New York Attorney General Letitia James has filed lawsuits against Coinbase Financial Markets and Gemini Titan, alleging that both companies operate illegal gambling platforms through prediction markets available in New York.

The lawsuits claim that Coinbase and Gemini allow users to place bets on outcomes of events including sports games, entertainment awards, and elections. According to the complaint, these markets function as gambling under New York law because users risk money on uncertain outcomes outside their control.

Attorney General James stated that the platforms operate without licenses from the New York State Gaming Commission. The state requires licensing for…

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