A judge at the King County Superior Court in Washington state has ordered prediction markets platform Kalshi to shut down most of its business in the state. The ruling follows a finding that the exchange likely violated the state’s Gambling Act and Consumer Protection Act. Kalshi must implement IP address and residency-based geofencing by August 19 and a multi-source geofencing system by September 2. The order comes two days after the CFTC invoked emergency powers to order the exchange to keep operating, amid a legal battle between the federal regulator and state authorities over the legality of prediction markets.
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