Connecticut’s Cease and Desist: Robinhood, Crypto.com, Kalshi Banned! 🎰

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Oh, do sit down, dear reader, for the tale of Connecticut’s latest escapade is most riveting. The state, ever the vigilant host at the gaming table, has decided to eject several rather cheeky guests-Robinhood Derivatives LLC, Crypto.com, and KalshiEX LLC-from their uninvited soiree of unlicensed sports wagering. One must wonder if these platforms mistook Connecticut for a land of boundless permissiveness, but alas, the rules are as clear as a monocle in a drawing room: only licensed entities may partake. 💼

Connecticut Orders Unlicensed Gambling Platforms to Stop Operations

On Dec. 3, Connecticut’s Department of Consumer Protection (DCP) Gaming Division, armed with the gravitas of a bygone era, issued cease and desist orders to said platforms. The DCP, with the precision of a well-timed quip, declared these services “unlicensed,” a term they seem to have interpreted as a suggestion. The directive? To immediately cease all operations targeting Connecticut residents-how very polite.

“Only licensed entities may offer sports wagering in the state of Connecticut,” intoned DCP Commissioner Bryan T. Cafferelli, as if reciting a haiku. He added, with the air of someone explaining why one shouldn’t wear trousers to a black-tie event:

None of these entities possess a license to offer wagering in our state, and even if they did, their contracts violate numerous other state laws and policies, including offering wagers to individuals under the age of 21.

“These platforms are deceptively advertising that their services are legal,” mused DCP Gaming Director Kris Gilman, “but our laws are clear.” One might say the clarity is rivaled only by the platforms’ apparent disregard for them.

The announcement also highlighted the delightful risks of unregulated “sports events contracts,” such as missing technical safeguards (how quaint), no insider controls (a bold move), unreviewed house rules (a game of chance, indeed), and no path for consumers to address unpaid winnings (a gamble within a gamble). Regulators further noted the platforms’ alarming tendency to target self-excluded individuals and college campuses-a breach of etiquette akin to bringing a sledgehammer to a tea party.

“All three platforms are ordered to immediately cease and desist advertising, offering, promoting, or otherwise making available ‘sports event contracts’ or any other form of unlicensed online gambling to Connecticut residents,” the announcement declared, with the urgency of a misplaced umbrella in a hurricane. It also requested, in the gentlest of tones:

DCP also ordered all three platforms to allow Connecticut residents to withdraw any funds currently held by the platforms.

Officials warned that ignoring the directive could lead to civil penalties under the Connecticut Unfair Trade Practices Act or criminal sanctions tied to gaming statutes. One imagines the latter is less of a “sanction” and more of a “grand finale” at a particularly chaotic opera.

FAQ ⏰

  • Why did Connecticut issue cease and desist orders to Robinhood Derivatives, Crypto.com, and KalshiEX?
    Because they dared to offer unlicensed sports wagering-how very rude. 🎲
  • What risks did officials cite about unregulated sports event contracts?
    Missing safeguards, no insider controls, unreviewed rules, and no remedies for unpaid winnings. A recipe for chaos, served à la carte. 🍽️
  • What must the platforms do immediately under the order?
    Stop offering gambling services and allow residents to withdraw funds. Simple! 🚫
  • What penalties could follow if the platforms ignore the directive?
    Civil penalties or criminal sanctions. A picnic compared to the alternatives, perhaps? 🌳

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2025-12-05 05:58