Regulators Order Virtual Casino Firm to Stop Selling NFTs

Author: Live Casino Direct
 
Regulators Order Virtual Casino Firm to Stop Selling NFTs
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Securities regulators in Alabama and Texas ordered a virtual casino firm to stop selling non-fungible tokens (NFTs). The company was selling them to raise funds to build virtual casinos. The Texas State Securities Board labeled the scheme a “high-tech fraudulent securities offering”.

Regulators order virtual casino firm to stop selling NFTs. Texas State Securities Board is investigating the offerings. Nfts have exploded in popularity in the last couple of years. Last month, two men were arrested and charged as a result of a $1.1m N FT scam.

There is growing interest in virtual casinos. Atari announced plans to build a virtual casino in the Decentraland metaverse in March 2021. The ICE Poker casino generated revenue of $7.5m for the three months ended in February.