Metaverse casino served emergency cease and desist to halt NFT sales HEAD TOPICS

Metaverse casino served emergency cease and desist to halt NFT sales

10/21/2022 6:39:00 AM

Metaverse casino Slotie has been ordered to halt its NFT offerings after regulators from Texas Kentucky New Jersey and Alabama alleged it was offering unregistered securities

Source

Cointelegraph

A metaverse casino has been hit with cease and desist orders from four US state regulators, arguing its NFTs are unregistered securities as it offers a host of financial rewards to hodlers. Metaverse casino Slotie has been ordered to halt its NFT offerings after regulators from Texas Kentucky New Jersey and Alabama alleged it was offering unregistered securities , and Alabama state securities boards submitted orders for Slotie to cease and desist its operations, citing the platform's lack of state registration and the offering of unregistered securities via NFTs.“The actions accuse Slotie of issuing 10,000 Slotie NFTs that are similar to stock and other equities. The Slotie NFTs purportedly provide investors with ownership interests in the casinos and the right to passively share in the profits of the casinos,” an Oct. 20 statementby the Texas State Securities Board reads.The agencies also accused the organization — which it believes to be based in the country of Georgia — of providing misleading promotional information and concealing key financial info among other accusations. Read more:
Cointelegraph » Four U.S. states order a metaverse casino to halt sale of NFTs State Securities Regulators Move to Shut Down NFT Scam Tied to Metaverse Casino CAA’s Joanna Popper Shares About Anthony Hopkins’ First NFT Drop and Opportunities in the Metaverse Major League Baseball is hiring an NFT and metaverse licensing manager

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The Avs’ “reverse retro” sweater’s design elements are meant to pay homage to the Colorado state flag and the Rocky Mountains, as well as hockey teams of decades past. Read more >> Four U.S. states order a metaverse casino to halt sale of NFTsA metaverse casino was hit Thursday with a multistate emergency cease-and-desist order. State Securities Regulators Move to Shut Down NFT Scam Tied to Metaverse CasinoSecurites regulators in Alabama, Kentucky and Texas ordered SlotieNFT to shut down its operations, which have allegedly been used to fund metaverse casinos. LizKNapolitano reports SlotieNft LizKNapolitano SlotieNft LizKNapolitano Crypto millionaires will be the greatest philanthropists the world have ever seen. We know what it's like to have nothing. I'm still working a minimum wage job in discount store despite gaining heavily from crypto. Follow bernie_Doranfx for guide on Btc earning tips,& tweets SlotieNft LizKNapolitano must be severely punished CAA’s Joanna Popper Shares About Anthony Hopkins’ First NFT Drop and Opportunities in the MetaverseThe agency's chief metaverse officer spoke with The Hollywood Reporter's senior business editor Ashley Cullins at the 12th annual Power Business Managers event, where Richard Feldstein was presented the Business Manager Icon award. 👎 Brilliant reporting, only slightly worse than your recent story of how tulip mania will change world economics Anthony Hopkins? Really? Could they not find anyone else willing to do it in this market? Major League Baseball is hiring an NFT and metaverse licensing managerThe MLB's new position comes after the MLB made other entries into web3 this year, such as launching an NFT marketplace with Candy Digital. I don't uundertand why news are duumb abouut this trick A very interesting trend to watch! New Jersey , and Alabama state securities boards submitted orders for Slotie to cease and desist its operations, citing the platform's lack of state registration and the offering of unregistered securities via NFTs.Key Points A metaverse casino was hit on Thursday with a multistate emergency cease-and-desist order.press release .Hollywood Reporter's Power Business Managers Event Returns “We imagine that there will be a similar level of disruption in how content is created and distributed,” she said. “The actions accuse Slotie of issuing 10,000 Slotie NFTs that are similar to stock and other equities. The Slotie NFTs purportedly provide investors with ownership interests in the casinos and the right to passively share in the profits of the casinos,” an Oct. The metaverse is a set of virtual worlds where people live, work and play. 20 statement by the Texas State Securities Board reads. The filings also accuse Slotie of violating state registration laws by failing to register their securitized NFTs with the appropriate securities boards. The agencies also accused the organization — which it believes to be based in the country of Georgia — of providing misleading promotional information and concealing key financial info among other accusations. States law enforcement officials allege Slotie's owners were soliciting investors online to participate in an illegal gambling operation in the metaverse, a digital world where participants can interact with each other, purchase products and gamble. The cease and desist order of the New Jersey Bureau of Securities argues that Slotie is offering securities that are not registered with the Bureau, “federally covered,” nor exempt from registration. Hopkins has already made more money on the secondary market, she shared. It also accuses the platform of failing to provide all of the required disclosures of operating a gambling platform while also providing misleading information and failing to register as a broker-dealer. NFTs are blockchain-based digital assets that designate ownership of virtual art, music, or in this case, proprietorship of a metaverse casino to the holder of the NFT. In particular, the filing questions Slotie’s claims that its initial collection of 10,000 NFTs sold out in under five minutes, and its second batch of 5,000 NFTs sold out in under two minutes, noting there is no “evidence on the blockchain” to back such claims. “In connection with the offer, sale, or purchase of securities, Slotie is making materially false and misleading statements and/or omitting to state material facts,” the filing reads. Slotie, which is based in the country of Georgia, began operating in October 2021, according to the order. Related: As per an Oct. 20 CNBC report, Texas state securities board director Joe Rotunda warned of metaverse-linked NFTs, noting that"NFTs that purport to provide passive income — often bear significant undisclosed risks," adding: “These risks are often significant, and investing in virtual realities can leave investors virtually broke." Although the metaverse project was selling securitized NFTs, the order said it failed to provide purchasers with essential information such as the business address of the company or its founders, with a telephone number or an email address. “There’s a play here where you as the owner are able to then commercialize and do anything. ” The pushback from U.S. Joe Rotunda, the Texas state securities board director, said while the metaverse does provide legitimate business opportunities, it also can provide a new forum for fraudsters looking to scam the public. state enforcement bodies adds to similar cease and desist orders against Flamingo Casino Club and the Sand Vegas Casino Club earlier this year. Flamingo Casino Club in particular was accused by five U. "These risks are often significant, and investing in virtual realities can leave investors virtually broke.S. state agencies in May of being an that allegedly faked a partnership with a physical casino and lied about buying Metaverse land from the hip-hop artist Snoop Dogg. If the founders violate the order, they are subject to a fine of up to $10,000. The United States Securities and Exchange Commission (SEC) whether certain NFTs could be deemed as securities. In March, anonymous sources told Bloomberg that the ..