Michigan: Coinbase halts sports-event contracts in settlement with regulators
Photo: CDC Gaming Reports
Coinbase Financial Markets Inc. has agreed to stop offering new sports-event contracts to Michigan customers by midnight on Saturday, according to the Michigan Gaming Control Board (MGCB). The MGCB also confirmed Wednesday that Coinbase has agreed to close out any remaining open customer positions by the same deadline. The agreement, negotiated between the state and Coinbase, is the latest in a series of regulatory actions regulators have taken this year against prediction market operators, firms the MGCB describes as “unlicensed operators offering sports wagering products.” Michigan also reached an agreement with Robinhood Derivatives LLC, as well as a state court…
Source: CDC Gaming Reports
