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The regulator classifies the offering of cryptocurrency smart contracts on sporting events as illegal sports betting.
Robinhood, Kalshi, and Crypto.com are not licensed by the state for such activities, and their services violate regulations, including offering gambling to people under 21. Furthermore, the platforms target college campuses with ads.
When providing their services, the platforms fail to protect customers' personal data and ignore measures against insider betting on predictable events such as awards ceremonies or sports team player transfers, the DCP announced.
The regulator demanded that platform operators immediately cease advertising, promoting, and providing such contracts to state residents, and promptly withdraw all bets from Connecticut users' accounts. Failure to comply could result in substantial fines, and in extreme cases, criminal prosecution under state gambling laws, the DCP warned.
The U.S. Commodity Futures Trading Commission (CFTC) previously re-authorized the blockchain forecast platform Polymarket to operate in the U.S. market. The ban on servicing U.S. residents had been in effect for nearly four years.