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New York Attorney General Letitia James has filed two lawsuits in Manhattan Supreme Court against Coinbase and Gemini Titan, alleging the companies operated online gambling without the required state approvals. The suits contend the platforms marketed wagering as “prediction markets,” where users could bet on sports and other events.
James’s office argues that neither Coinbase nor Gemini has been licensed by the New York State Gaming Commission. The complaints also allege that the platforms allow participation by people under 21.
“Gambling, under any name, is gambling,” James said. Her office added that the so-called prediction markets are effectively illegal gambling that draws young users to addictive platforms without adequate protections.
Paul Grewal, Chief Legal Officer of Coinbase, responded on X, saying prediction markets are national exchanges regulated at the federal level. He stated that Coinbase would continue to fight to protect federal oversight of these markets as intended by Congress and noted the matter is being heard in federal court in New York.
Gemini did not respond to comment requests.
The AG’s office is asking the court to order Coinbase and Gemini to disgorge all profits it alleges were made through unlawful activity and to reimburse consumers harmed. The office is also seeking penalties equal to three times the profits of wrongdoing.
The complaints argue that the companies avoided operating as licensed mobile sports betting platforms, which face taxes “up to roughly 51% on gross revenue.” Instead, the AG alleges they provided services under arrangements described as “contracts-for-events” and prediction markets to evade state oversight and taxation.
The complaint alleges Coinbase used promotions to attract New Yorkers, including a Bitcoin bonus worth 1 million for predicting the outcomes of this year’s Super Bowl.
Gemini is accused of allowing users to bet on college basketball games involving New York teams, which the AG says violates state law that bans betting on collegiate games in New York.
The lawsuits underscore two major policy battlegrounds in recent years: the expansion of online gambling and the growing role of cryptocurrency firms in consumer-facing financial products. The AG’s action also reflects a broader regulatory push to address concerns about addiction, fraud, and compliance with consumer protection rules and local tax obligations.
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