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Crypto
Japan\'s Bitbank warns on Polymarket-related deposits, withdrawals, says accounts may be suspended
Japanese cryptocurrency exchange Bitbank has warned it may suspend user accounts involved in transactions linked to prediction market platforms such as Polymarket, Cointelegraph reported. Bitbank said it may restrict deposit and withdrawal accounts connected to prediction market services, and that suspended accounts would lose access to all services, including login, deposits, withdrawals and crypto trading. It added it would not be liable for losses resulting from suspensions.
Crypto
U.S. CFTC adds New York to lawsuit to block prediction market regulation
The U.S. Commodity Futures Trading Commission has filed a lawsuit against New York state over its move to regulate prediction market operators. In a complaint filed in the U.S. District Court for the Southern District of New York, the CFTC argued that authority to regulate related derivatives, including prediction market contracts, belongs to it under federal law. New York has sued Coinbase and Gemini, citing alleged violations of state gambling law.
Crypto
New York state sues Coinbase, Gemini over alleged unlicensed prediction markets
New York state filed a lawsuit against cryptocurrency exchanges Coinbase and Gemini over prediction-market contracts. The state alleges the products, tied to sports, entertainment and elections, are unlicensed gambling that violates state law. Attorney General Letitia James said renaming gambling does not change its nature and cannot evade regulation. The complaint says the services functioned like bookmakers and allowed participation by users under 21.