Regulators Order Virtual Casino Firm to Stop Selling NFTs

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FX Empire

U.S Virtual Casino Sands Vegas Ordered to Shut Down for NFT Sales

Interest in NFTs and the Metaverse shows no signs of abating. Mainstream players have embraced Web3 and are busy exploring ways to incorporate brands into NFTs and the Metaverse to draw in consumers. Online gambling has gained significant traction over the years. The evolution of NFTs and the Metaverse offer online gambling platforms a new avenue…

Crypto ・ 13 June 2022

FX Empire

OpenSea Delists Sands Vegas Casino Club NFTs after Cease & Desist Orders

It has been a mixed year for leading NFT marketplace OpenSea. In January, OpenSea saw trading volumes hit a record high before a sharp decline through February and March. NFT market conditions have improved in April, with OpenSea Ethereum (ETH) based NFT trading volumes already sitting above March levels. According to Dune Analytics, Ethereum-based…

Crypto ・ 13 June 2022

Casino News Daily

Securities regulators in four US states have issued cease and desist orders to Slotie Casino

Securities regulators in four US states have dropped the hammer on a securitized nonfungible token operator. Elia, an iGaming and casino software company in the republic of Georgia has been served with cease and desist orders by state securities regulators from Texas, New Jersey, Kentucky, and Alabama. The orders affected the company's Slotie…

Law ・ 29 November 2022

Forbes

Online Casino Slotie Faces Regulator Deadline Over Questionable NFT Sales

Casinos typically abhor clocks, but there is one ticking for Slotie. The online casino headquartered in the former Soviet republic of Georgia will run out of time as soon as Thursday to respond to four U.S. states that effectively booted it out of the country last month, claiming that its sales of nonfungible tokens (NFTs) to finance an…

Crypto ・ 17 November 2022

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JDSupra

Four States Take Enforcement Actions Against Virtual Casino for Allegedly Offering NFTs That Were Securities

State securities regulators in Alabama, Kentucky, New Jersey and Texas filed coordinated enforcement actions on October 20, 2022, against Slotie NFT d/b/a slotie.com requiring the company to stop selling various Slotie non-fungible tokens (NFTs) on the grounds that they constituted unregistered securities. As discussed further below, the NFTs…

Crypto ・ 18 November 2022

CoinGeek

US regulators crack down on Slotie metaverse casino

Four U.S. state regulators have filed actions against Slotie, a virtual casino they allege lured investors into an illegal gambling operation built in the metaverse. According to Texas, Kentucky, Alabama, and New Jersey regulators, Slotie sold over 10000 NFTs to investors in the U.S. and beyond. These NFTs, it claimed, would entitle investors to a…

Innovation ・ 08 November 2022

Decrypt

State Regulators Charge NFT Casino Project With Securities Violations

Regulators in four states have banded together to accuse a metaverse casino of selling NFTs that violated securities laws. On Thursday, state securities regulators from Texas, New Jersey, Kentucky, and Alabama filed emergency cease-and-desist orders against Slotie NFT, a Tbilisi, Georgia-based virtual gambling entity that markets itself as "the…

Law ・ 22 October 2022

Vegas Slots Online

Virtual Casino Hit With Multistate Cease and Desist Order

A metaverse company known for its cartoonish, acid-house-colored humanoid and anthropomorphic non-fungible tokens (NFTs) has run into real-world trouble with state regulators in New Jersey, Alabama, Kentucky, and Texas. emergency cease and desist orders In a press release Thursday, The Texas Securities Commission stated it and counterparts, the…

Law ・ 21 October 2022

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Casino News Daily

Securities agents in five states have turned of the lights at an NFT casino

Securities regulators in Texas and Alabama seem to be on a roll ordering so-called metaverse casinos to stop offering players a piece of the casino action, and this time they are joined by regulators in Kentucky, Wisconsin, and New Jersey as well. The so-called Flamingo Casino Club is under the microscope and has been issued emergency cease and…

Crypto ・ 17 May 2022

Vegas Slots Online

Metaverse Casino Hit With Multi-State Cease and Desist

A metaverse casino that allegedly has ties to Russia has been hit with legal action from multiple US authorities. Flamingo Casino Club was struck with an emergency cease and desist order on Wednesday from five states. The state securities boards of Alabama, New Jersey, Kentucky, Wisconsin, and Texas filed the 22-page order, which outlines the…

Law ・ 12 May 2022

Bitcoinist

Metaverse Casino Ordered By Five State Regulators To Shut Down Immediately

Five US states issued simultaneous cease-and-desist orders against an allegedly Russian-affiliated metaverse casino on Wednesday. Five state securities regulators issued emergency orders to the Flamingo Casino Club, a virtual casino, to immediately stop selling non-fungible tokens. The simultaneous filings by agencies in Texas, Wisconsin, Kentucky,…

Law ・ 12 May 2022

Yogonet

Five US states order to cease NFTs of metaverse casino with alleged ties to Russia that claims affiliation with Flamingo

U.S. state regulators of Texas, Wisconsin, Kentucky, New Jersey and Alabama simultaneously filed emergency orders Wednesday against a virtual casino they claim has ties to Russia and that has been operating in the metaverse, Flamingo Casino Club, which markets an alleged affiliation with Caesars' Flamingo Las Vegas Hotel & Casino. This follows a…

Innovation ・ 12 May 2022

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NBC News

Five U.S. states order a metaverse casino with alleged ties to Russia to halt sale of NFTs

Regulators in five states simultaneously filed emergency orders Wednesday against a virtual casino they say has ties to Russia and that has been operating in the metaverse, a digital world where participants can interact with each other, purchase products and even gamble. State law enforcement officials say Flamingo Casino Club's operators failed…

Innovation ・ 11 May 2022

Online Poker Report

Shutting Down Crypto Casinos Like Playing Whack-A-Mole

Earlier last month, state securities regulators in Alabama and Texas issued cease-and-desist orders against a Cyprus -based company that's been hawking non-fungible tokens (NFTs). It was doing so to operate crypto casinos in the metaverse. The enforcement actions are both the first of their kind and likely not the last. In a particularly gray…

Crypto ・ 09 May 2022

JDSupra

Texas and Alabama Securities Regulators File Enforcement Actions Against Online Casino Developer Selling NFTs to Operate Casinos in a Metaverse

The Situation: State securities regulators in Texas and Alabama filed two first-of-their kind enforcement actions against a company selling non-fungible tokens ("NFTs") to operate casinos in a metaverse. The Result: The cease and desist orders issued against the company allege various state law violations, including making deceptive and misleading…

Innovation ・ 26 April 2022

The US Sun

Metaverse 'gambling casino' NFTs BANNED by two US states in shock crackdown

TEXAS and Alabama have halted the sales of NFTs in metaverse casinos. Securities officials from both US states cited fraud and violation of state regulations as the reasons behind the ban. The Texas State Securities Board (TSSB) filed an Emergency Cease and Desist order that specifically mandated Cyprus-based Sand Vegas Casino Club to stop its sale…

Innovation ・ 23 April 2022

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CoinGeek

Texas and Alabama halt sale of metaverse casino NFTs

The state securities regulators in Alabama and Texas have halted the sale of metaverse casino NFTs, saying that the people behind the scheme were fraudulent and violated state securities regulations. In its order, the Texas State Securities Board (TSSB) ordered Cyprus-based Sand Vegas Casino Club and its founders Martin Schwarzberger and Finn Ruben…

Innovation ・ 22 April 2022

JDSupra

Texas Securities Sheriff Wrangles Metaverse Gamblers

Securities law enforcement entered the metaverse recently in the form of an emergency cease and desist order issued by the Texas State Securities Board against individuals and a company using NFTs to finance multiple metaverse casinos. Much like Wyatt Earp busting into the O.K. Corral, this one gets interesting. The order alleges a high-tech…

Innovation ・ 22 April 2022

Times Of Casino

Online Casino Stops NFT Sale Following a Regulatory Issue

NFTs have insinuated nearly every aspect of our lives, from arts and gaming to intellectual rights. However, there are no legal guidelines to instruct what can and cannot be NFTs, and some take advantage of such loopholes to evade legal limitations. One such incident caught the eyes of the state securities regulators in the United States last week.…

Law ・ 18 April 2022

Beat The Fish

Sand Vegas Online Casino Issued Cease & Desist for Selling NFTs

The concept of the metaverse has been trending lately in the online gambling world, with plenty of poker pros and cardrooms getting involved with NFTs and all sorts of other pursuits in the virtual world. One site, Sand Vegas Casino, may have taken things a bit too far, though, as the site has been issued a cease-and-desist for selling NFTs. If…

Crypto ・ 15 April 2022

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Crypto Briefing

U.S. State Regulators Aim to Shutter NFT Casino

Security regulators in two U.S. states have issued cease-and-desist orders against an online casino offering non-fungible tokens. Alabama's State Securities Commission reported that it has filed a cease-and-desist order against Sand Vegas Casino Club. The Texas State Securities Board has also filed a cease-and-desist order and published its own…

Law ・ 15 April 2022

Times Of Casino

State Regulator Orders Online Casino to Stop Selling NFTs in Texas

The states' war with DeFi continues as one online casino was accused of security fraud. The state regulators in Texas and Alabama ordered Sand Vegas Casino Club to shut its NFT business. The casino is reported to have been selling securities illegally under the guise of NFTs. The casino operators went off the grid following this accusation by the…

Law ・ 14 April 2022

CoinDesk

Texas, Alabama Securities Regulators Block Sales of ‘Metaverse’ Casino NFTs

Cyprus-based Sand Vegas Casino Club, not to be confused with Sheldon Adelson's Las Vegas Sands, has been ordered by securities regulators in two U.S. states to stop selling NFTs that promise a cut of profits from casinos on Metaverse platforms. Sand Vegas Casino Club is using part of the proceeds from the 11100 "Gambler" NFTs to purchase land in…

Innovation ・ 14 April 2022

PYMNTS

Virtual Casino Firm Ordered to Stop Selling NFTs

Securities regulators in Texas and Alabama on Wednesday (April 13) have ordered Cyprus-based online casino developer Sand Vegas Casino Club to stop selling nonfungible tokens (NFTs), saying the company was offering unregistered securities and defrauding the public, according to a Reuters report. Sand Vegas and co-founders Martin Schwarzberger and…

Crypto ・ 13 April 2022