The Michigan Gaming Control Board said October 7 that Coinbase Financial Markets agreed to stop offering new sports-related event contracts and close existing Michigan customer positions in those contracts by 12:00 a.m. Eastern on October 10—the start of Saturday.
The board says Michigan will refrain from enforcement while the company complies and related appeals proceed. It says the agreement preserves the parties’ positions in the dispute over state authority to regulate the contracts. This is an agreement announced by the regulator, not a final ruling on that question.
Coinbase Financial Markets is a wholly owned subsidiary of Coinbase Global, Inc. Its official disclosure describes a futures commission merchant: a firm that facilitates customers’ trading of listed derivatives. It is a separate legal entity from the publicly traded parent.
The underlying stipulation was not independently reviewed. The announcement concerns sports-related event contracts in Michigan; it does not establish a broader shutdown of Coinbase services.