Metaverse Casino Served Emergency Shutdown and Refrains from Stopping NFT Sales

Four law enforcement agencies from different US states have simultaneously issued cease and desist orders to a metaverse casino after determining that the company’s non-fungible tokens (NFTs) are unregistered securities, such as the reported Cointelegraph.

Metaverse casino Slotie is supposed to offer two NFT collections in exchange for the tokens, which are rumored to grant access to the casino as well as staking incentives, revenue splits from its games, lotteries and the native WATT token.

However, regulators don’t seem happy with the platform’s promotion of NFTs or its alleged lack of title registration.

State securities authorities in Texas, Kentucky, New Jersey and Alabama asked Slotie to cease operations on October 20 in response to the platform’s lack of state registration and its use of NFTs to offer unregistered titles.

“Slotie is accused of issuing 10,000 NFTs that resemble stocks and other stocks. According to a statement released by the Texas State Securities Board on October 20, “The Slotie NFTs would give investors ownership rights in casinos and the ability to passively share casino profits”.

(With information from Cointelegraph)

Also Read: FDIC’s Martin Gruenberg on the Use of Stablecoins in Payment Mechanisms

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