ME News reports that on August 16 (UTC+8), Nevada’s gaming regulator in the United States imposed a daily fine of $120,000 on the prediction market platform Kalshi, stating that investigators were still able to complete transactions on Kalshi via local mobile networks after the deadline for implementing geofencing fixes. Kalshi responded by saying it has engaged GeoComply, a geolocation service provider licensed by state regulators, and accused some investigators of falsely reporting their locations and at least one individual circumventing the platform’s blocking measures. (Source: Foresight News)
Nevada regulators demand $120,000 daily fines against Kalshi over geolocation dispute
KuCoinFlashShare
Summary
On August 16, Nevada regulators imposed a $120,000 daily fine on Kalshi for continued access via local mobile networks following the geographic blocking compliance period. Kalshi stated it uses GeoComly, a state-approved geolocation service, and alleged that some investigators provided falsified addresses. On-chain data indicates transactions continued despite restrictions, with at least one user circumventing the system.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.