However, regulators don’t appear to be pleased with the platform’s marketing of NFTs or its alleged lack of registration as a broker-dealer for securities.
According to Cointelegraph, four state enforcement agencies from several US states have issued cease and desist orders to a metaverse casino after establishing that the company’s nonfungible tokens (NFTs) are unregistered securities.
Two NFT collections are allegedly being provided by the metaverse casino Slotie in return for the tokens, which are said to grant entry to the casino as well as staking rewards, income splits from its games and lotteries, and native token WATT.
However, regulators don’t appear to be pleased with the platform’s marketing of NFTs or its alleged lack of registration as a broker-dealer for securities.
On October 20, Slotie received a cease-and-desist order from state securities regulators from Texas, Kentucky, New Jersey, and Alabama due to the platform’s lack of state registration and its use of NFTs to market unregistered securities.
“Slotie is accused of engaging in a scheme to distribute 10,000 NFTs that look like stocks and other types of securities. The Slotie NFTs apparently provide investors ownership rights in the casinos and the opportunity to passively partake in the profits of the casinos, according to a statement issued by the Texas State Securities Board on October 20.
