Metaverse casino served emergency cease and desist to halt NFT sales
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.....
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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 […]
I was reading the news this afternoon and saw this article that caught my eye. It was notable due to it dealing with Bitcoin, and its use as an investment tool. Balanced Energy, a small oil company, run by Kirk Johnson was recently told by Texas State Regulators they are not to accept Bitcoin payments. They served them with an Emergency Cease and Desist order. Balanced Energy had announced in a pitch at the Texas Bitcoin Conference that they are the first company to accept Bitcoin for exploration investments. Texas State Regulators wasted no time in telling Balanced Energy that they could....
Six days ago, the securities regulators from New Jersey and Texas cracked down on the cryptocurrency lending platform Celsius. Additionally, the Alabama Securities Commission joined in and filed a cease and desist order against Celsius. Now the state of Kentucky is following suit and has filed a cease and desist order against the crypto lending platform. Kentucky Sends Cease and Desist Order to Celsius Four states in the U.S. have an issue with the cryptocurrency lending platform Celsius and the company’s interest-earning accounts. The same issues have affected the crypto lender....
The Bitcoin Foundation has published a reply to the cease and desist order that the organization received on May 30 from California's Department of Financial Institutions. The cease and desist order was a vague one, telling the foundation to "cease and desist from the business of conducting money transmission in this state" without specifying what the foundation was actually doing that qualified as money transmission. There was little to go on; the Bitcoin Foundation is simply an advocacy organization that "standardizes, protects and promotes the use of Bitcoin cryptographic money for the....
The Securities and Exchange Commission (SEC) has ordered Bitcoin Investment Trust (BIT) and an authorized participant, SecondMarket, to cease and desist violating securities law. The commission has levied a fine against SecondMarket. The companies have agreed to the cease and desist order, according to an SEC administrative proceeding. The SEC has required SecondMarket to pay disgorgement of $51,650.11 and prejudgment interest of $2,105.68 (a total $53,755.79). The proceeding noted that securities regulation prohibits any “affiliated purchasers” and “distribution participant” from....