New York has filed lawsuits against Coinbase and Gemini for allegedly operating unlicensed markets. The Attorney General claims both exchanges violated state gambling laws by failing to obtain necessary licenses.
The lawsuits, filed by Attorney General Letitia James, allege that Coinbase Financial Markets and Gemini Titan did not secure licenses from the New York State Gaming Commission. James emphasized that 'gambling by another name is still gambling' and is subject to state regulation. This action reflects increasing state-level scrutiny on cryptocurrency and event-based trading platforms.