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.

People

Korea Financial Investment Association chief joins relay campaign to eradicate illegal gambling among teens

The Korea Financial Investment Association said its chairman, Hwang Seong-yeop (황성엽), joined a relay campaign hosted by the Seoul Metropolitan Police Agency to eradicate illegal gambling among teenagers. The campaign aims to raise awareness of the risks of illegal cyber gambling targeting youths in online and mobile environments and to heighten social vigilance. The association said cases are rising as gambling spreads among teens in game-like forms, leading to addiction and financial losses.