Denial of Kalshi's attempt to prevent ban in Nevada
The US appeals court has denied the cryptocurrency exchange Kalshi's attempt to avoid a ban on its activities in the state of Nevada. This move exacerbates the legal troubles of the platform, which offers trading instruments related to sports.
According to gaming lawyer Daniel Wallach, a Nevada state court restraining order against Kalshi appears imminent. This would mean that the company will not be able to offer sports-related contracts on its platform.
Kalshi tried to challenge this in the appeals court, but the judges rejected its motion. Now the company will have to look for other legal ways to continue its activities in the US.
This situation is an alarming signal for all fintech players working with sports or gambling-related instruments. Regulators are closely monitoring this area and are ready to take tough measures in case of violations.
Expert opinion: The appeals court decision underscores the need for cryptocurrency platforms to carefully study local legislation and obtain all necessary licenses and permits before launching their products. Failure to do so can lead to serious legal consequences that can jeopardize the entire business.