Connecticut orders Robinhood, Crypto.com, Kalshi to stop prediction markets

The YZi Labs-backed prediction market platform, Opinion, has achieved a remarkable $1.5 billion in weekly trading volume shortly after its launch, surpassing competitors Kalshi and Polymarket in the rapidly growing prediction market sector.

Connecticut's Department of Consumer Protection has issued cease-and-desist orders to Kalshi, Robinhood, and Crypto.com, classifying their sports event contracts as illegal online gambling despite claims of oversight by the CFTC. This regulatory action underscores the state's commitment to enforcing compliance in the online gambling sector.

Connecticut has issued cease-and-desist orders to Kalshi, Robinhood, and Crypto.com for offering unlicensed sports betting services, marking a significant regulatory action against these platforms. This enforcement highlights the state's commitment to maintaining legal compliance in online gambling activities.

Fanatics has launched Fanatics Markets, a new prediction market platform in partnership with Crypto.com, aimed at enhancing fan engagement by allowing users to trade on the outcomes of various events, including sports and politics. The platform is currently available in ten states and is expected to expand its offerings in the future.

Connecticut has issued cease-and-desist orders to Kalshi, Robinhood, and Crypto.com for engaging in illegal sports wagering activities. This enforcement action underscores the state's commitment to regulating online gambling and ensuring compliance among fintech platforms.

Connecticut has issued cease-and-desist orders to Kalshi, Robinhood, and Crypto.com, mandating them to halt unlicensed online gambling activities related to sports events contracts. This action underscores the state's regulatory stance on online gambling and its implications for these firms.

Chainlink (LINK) has gained significant attention following the launch of the first U.S. Chainlink-focused ETF by Grayscale, which resulted in a price surge of over 20% within 24 hours, bringing LINK to approximately $14.4. The ETF, which debuted on NYSE Arca, recorded more than 1.17 million shares traded on its first day, indicating strong market participation and interest.

Kalshi co-founders Luana Lopes Lara and Tarek Mansour have achieved billionaire status following a recent $1 billion funding round led by Paradigm, marking Lopes Lara as the youngest self-made female billionaire. This funding elevates Kalshi's valuation to $11 billion, positioning it as a significant player in the prediction market sector.