Securities regulators in four US states have issued cease and desist orders to Slotie Casino
Elia, an iGaming and casino software company in Georgia has been served with cease and desist orders by state securities regulators from Texas, New Jersey, Kentucky, and Alabama. The orders affected the company’s Slotie NFT online casino.
Slotie Casino was selling unlicensed securities. Regulators in four states have issued cease and desist orders to the company. The company claims to have sold out all of its Sloties. According to them, they were selling them to fund their international expansion. New Jersey authorities don't believe the claim. The cease-and-desist order was to be complied with by Thanksgiving. Alabama and Texas haven't received any responses yet. Sand Vegas Casino Club and Flamingo Casino were served with similar orders. They promised a share of the online casino profits for investors who bought their NFTs.
Securities regulators in four US states have issued cease and desist orders to Slotie Casino. The company promises to share 80% of its NFT-based slot machine revenue with the Sloties' owners on a monthly basis. There is no evidence that the company was aware it might be violating state laws. International financial instruments are usually regulated at the federal level rather than by the states. There has been no case law established that declares who has legal jurisdiction over the nascent N FT industry.