New York City Council Launches Investigation Into Four Major Prediction Market Platforms

TechFlow News, August 12. According to The Block, the New York City Council has launched an investigation into four prediction market platforms: Kalshi, Polymarket, Coinbase, and Gemini Titan, alleging that they employed "false, deceptive, or abusive" marketing practices towards young users.

Among them, Polymarket was accused of paying social media creators to film videos of fake betting on counterfeit websites, an incident first revealed by The Wall Street Journal in June this year. In addition, prediction market platforms also face insider trading allegations. New York Governor Kathy Hochul signed an executive order in April prohibiting state government employees from using confidential government information to place bets on prediction markets.