Metaverse Casino Served Emergency Shutdown and Refrains from Stopping NFT Sales
To explain cease and desist orders, the Texas State Securities Board notably likened Sloties NFTs to something that is "similar to actions and other actions". ."
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A metaverse casino has been hit with simultaneous cease-and-desist orders from four state enforcement agencies across the United States, which deemed non-fungible tokens (NFTs) ) of the company were unregistered securities.
Over two NFT collections offered by Metaverse Casino Slotie, the tokens would offer Metaverse Casino access, staking rewards, revenue distribution from its games, lotteries, and the native WATT token.
However, regulators seem unhappy with the way the platform has marketed NFTs and its alleged lack of title registration.
On October 20, state securities commissions in Texas, Kentucky, New Jersey, and Alabama ordered Slotie to cease operations, citing the platform's lack of registration with of the state and the offering of unregistered securities via NFTs.
“The shares accuse Slotie of issuing 10,000 Slotie NFTs similar to shares and other stocks. The Slotie NFTs are supposed to provide investors with stakes in casinos and the right to passively share in casino profits reads an Oct. 20 statement from the Texas State Securities Board.
The agencies also accused the organization — which it says is based in Georgia — of providing misleading promotional information and concealing key financial information, among other charges.
The New Jersey Bureau of Securities' Cease and Desist Order argues that Slotie is offering securities that are not registered with the Bureau, "federally covered," or tax-exempt.
To explain cease and desist orders, the Texas State Securities Board notably likened Sloties NFTs to something that is "similar to actions and other actions". ."
New
A metaverse casino has been hit with simultaneous cease-and-desist orders from four state enforcement agencies across the United States, which deemed non-fungible tokens (NFTs) ) of the company were unregistered securities.
Over two NFT collections offered by Metaverse Casino Slotie, the tokens would offer Metaverse Casino access, staking rewards, revenue distribution from its games, lotteries, and the native WATT token.
However, regulators seem unhappy with the way the platform has marketed NFTs and its alleged lack of title registration.
On October 20, state securities commissions in Texas, Kentucky, New Jersey, and Alabama ordered Slotie to cease operations, citing the platform's lack of registration with of the state and the offering of unregistered securities via NFTs.
“The shares accuse Slotie of issuing 10,000 Slotie NFTs similar to shares and other stocks. The Slotie NFTs are supposed to provide investors with stakes in casinos and the right to passively share in casino profits reads an Oct. 20 statement from the Texas State Securities Board.
The agencies also accused the organization — which it says is based in Georgia — of providing misleading promotional information and concealing key financial information, among other charges.
The New Jersey Bureau of Securities' Cease and Desist Order argues that Slotie is offering securities that are not registered with the Bureau, "federally covered," or tax-exempt.
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