Tennessee Issues Cease-and-Desist Orders to Major Prediction Market Platforms
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
- Regulatory Action: The Tennessee Sports Wagering Council issued cease-and-desist orders on January 9 to Kalshi, Polymarket, and Crypto.com, accusing them of illegally operating sports wagering products without necessary licenses, which could significantly impact their market presence in the state.
- BNY Mellon Innovation: BNY Mellon, the world's largest custodial bank, launched a blockchain-based deposit settlement platform aimed at providing institutional clients with more efficient deposit processing, which is expected to enhance its business expansion into the cryptocurrency sector.
- Truebit Loss: Truebit suffered a loss of approximately 8,535 ETH (valued at $26.6 million) in a security incident, highlighting the vulnerabilities in the crypto market amid increasing regulatory pressure and security risks that could undermine investor confidence.
- OKX Restructuring: Cryptocurrency exchange OKX restructured its global institutional operations, with reports indicating that half of the team was terminated, which may affect its market competitiveness and operational efficiency.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
