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, Alabama, and New Jersey accuse the Flamingo Casino of launching […]
Related News
The Metaverse, while it has tremendous potential to provide legitimate business opportunities, can also serve as a window for scams that target unsuspecting individuals. That’s the justification given by Texas State Securities Board Director Joe Rotunda in light of the decision he made together with his counterparts in Kentucky, New Jersey and Alabama to immediately […]
"The same rules that apply to investments in the physical world continue to apply to investments in virtual worlds," said the regulators. Authorities in the U.S. states of Alabama, Kentucky, New Jersey, Texas and Wisconsin have filed enforcement actions against the Flamingo Casino Club for allegedly perpetrating a scam through nonfungible tokens (NFTs) tied to a metaverse casino.In a Wednesday announcement, the Alabama Securities Commission, Kentucky Department of Financial Institutions, New Jersey Bureau of Securities, Texas State Securities Board and Wisconsin Department of Financial....
The State Security Board considers the sale of 11,111 NFTs a “high-tech fraudulent securities offering.” A virtual, Cyprus-registered casino Sand Vegas Casino Club faced an emergency cease and desist order from Texas and Alabama state securities regulators. The company is ordered to “stop a fraudulent investment scheme tied to metaverses”. On April 13, the Texas State Securities Board reported issuing the order, accusing Sand Vegas Casino Club, Martin Schwarzberger and Finn Ruben Warnke of illegally offering nonfungible tokens (NFTs) to fund the development of virtual casinos in....
Explaining the cease and desist orders, the Texas State Securities Board in particular likened Sloties’ NFTs to something that is “similar to stock and other equities.” A metaverse casino has been hit with simultaneous cease and desist orders from four state enforcement bodies across the United States, who have deemed the firm’s nonfungible tokens (NFTs) to be unregistered securities. Over two NFT collections offered by metaverse casino Slotie, the tokens are said to offer access to the metaverse casino, staking rewards, revenue split from its games, lotteries, and native token WATT.....
The CEO of Ark Investment Management (Ark Invest), Cathie Wood, says regulators cannot shut down bitcoin. She added that they will become more friendly towards cryptocurrencies over time. Wood is not the only one who thinks that governments cannot shut down bitcoin. Regulators Cannot Shut Down Bitcoin, Says Ark’s CEO Ark Invest CEO Cathie Wood shared her view on bitcoin, its regulation, and environmental impact at the Consensus 2021 conference Thursday. The CEO said that bitcoin is “already on its way and it’ll be impossible to shut it down.” She added that....