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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.

Crypto

U.S. prediction market reshapes amid regulation, Kalshi takes 89 percent share

Kalshi, a federally regulated U.S. prediction market, has taken an estimated 89 percent share of trading volume, cementing its lead as the competitive landscape reshapes around regulatory status. Weekly market volume rose 4 percent, while Kalshi’s volume increased 6 percent, a Bank of America report showed. Polymarket held 7 percent and Crypto.com 4 percent, with Polymarket’s volume down 16 percent. Legal disputes and CFTC litigation could determine whether the market expands nationwide or fragments by state.

Finance

Korean fintech firms step up IPO push on growth and technology

Korean fintech companies are accelerating initial public offering plans, highlighting growth and technological capabilities. Industry interest is picking up after K Bank succeeded in listing on the KOSPI. Possible next candidates include Viva Republica, BankSalad, Korea Credit Data and HabitFactory, while Hanpass is preparing a KOSDAQ listing. Companies are also pointing to profitability, security and system stability as key conditions for successful listings.