New York Sues Polymarket, Seeks $100,000 Per Sports Contract and Triple Damages

Alex Royce in crypto, @alex_royce_btc

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New York Sues Polymarket, Seeks $100,000 Per Sports Contract and Triple Damages New York Attorney General Letitia James filed suit against Polymarket on September 24, accusing the prediction market platform of operating an illegal gambling business without a state license and allowing users under 21 to participate. The lawsuit, filed in Manhattan court, asks a judge to block Polymarket from operating in New York, award three times the platform's gains, and impose a $100,000 penalty for each sports contract it offered. Governor Kathy Hochul is also named among those backing the action. The case is part of a broader state offensive against prediction markets — New York filed a similar lawsuit against rival platform Kalshi in July, and has also taken legal action against Coinbase and Gemini in recent months, bringing the total number of prediction market-related suits to four. Polymarket holds a CFTC designation as a registered exchange, placing it at the center of an ongoing jurisdictional dispute between state regulators and federal oversight bodies over who has authority to police prediction markets. Source Trade on Binance

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