#Texas State Securities Board

The National Law Review

Casinos In the Metaverse Are A Gamble In More Ways Than One

The metaverse is an immersive online universe on the blockchain where users interact with a multitude of digital worlds and with each other. As in the real world, the metaverse offers a wide variety of activities and entertainment options. The metaverse has become a haven for gaming. Users can explore casino "districts," offering slots, poker,…

Law ・ 31 December 2022

CoinGeek

US regulators crack down on Slotie metaverse casino

Four U.S. state regulators have filed actions against Slotie, a virtual casino they allege lured investors into an illegal gambling operation built in the metaverse. According to Texas, Kentucky, Alabama, and New Jersey regulators, Slotie sold over 10000 NFTs to investors in the U.S. and beyond. These NFTs, it claimed, would entitle investors to a…

Innovation ・ 08 November 2022

Gambling News

Four US States Issue Cease-and-Desist Orders to Metaverse Casino Slotie

Four US states, Texas, New Jersey, Kentucky, and Alabama, have doubled down on Slotie, a casino operating in the Metaverse, issuing cease-and-desist orders due to illegal gambling activities. CNBC reported that Texas, New Jersey, Kentucky, and Alabama all ordered the virtual casino Slotie to immediately stop the sale of its non-fungible tokens…

Innovation ・ 22 October 2022

Lexology

Metaverse Casinos: A Regulatory Wild West

The metaverse is an immersive online universe on the blockchain where users interact with a multitude of digital worlds and with each other. As in the real world, the metaverse offers a wide variety of activities and entertainment options. The metaverse has become a haven for gaming. Users can explore casino "districts," offering slots, poker,…

Innovation ・ 30 September 2022

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FX Empire

OpenSea Delists Sands Vegas Casino Club NFTs after Cease & Desist Orders

It has been a mixed year for leading NFT marketplace OpenSea. In January, OpenSea saw trading volumes hit a record high before a sharp decline through February and March. NFT market conditions have improved in April, with OpenSea Ethereum (ETH) based NFT trading volumes already sitting above March levels. According to Dune Analytics, Ethereum-based…

Crypto ・ 13 June 2022

FX Empire

U.S Virtual Casino Sands Vegas Ordered to Shut Down for NFT Sales

Interest in NFTs and the Metaverse shows no signs of abating. Mainstream players have embraced Web3 and are busy exploring ways to incorporate brands into NFTs and the Metaverse to draw in consumers. Online gambling has gained significant traction over the years. The evolution of NFTs and the Metaverse offer online gambling platforms a new avenue…

Crypto ・ 13 June 2022

Casino News Daily

Securities agents in five states have turned of the lights at an NFT casino

Securities regulators in Texas and Alabama seem to be on a roll ordering so-called metaverse casinos to stop offering players a piece of the casino action, and this time they are joined by regulators in Kentucky, Wisconsin, and New Jersey as well. The so-called Flamingo Casino Club is under the microscope and has been issued emergency cease and…

Crypto ・ 17 May 2022

World Casino News

Investors warned to be wary of Flamingo Casino Club

In the United States and regulators in five states reportedly filed an emergency cease-and-desist order earlier this week against a metaverse enterprise they claim'is simply a high-tech scam' with illicit ties to Russia. According to a report from NBCNews.com, authorities in Wisconsin, Texas, New Jersey, Alabama and Kentucky simultaneously ordered…

Finance ・ 13 May 2022

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Markets Insider

5 States Allege Metaverse Casino Run by 'Russian Scammers'

Five states have accused a metaverse company called Flamingo Casino Club of concealing alleged ties to Russia while promoting non-fungible token (NFT) scams to US residents. Securities regulators in Texas, Wisconsin, Kentucky, New Jersey and Alabama filed emergency orders Wednesday requiring the digital casino to cease its NFT business. The…

Trust and Safety ・ 13 May 2022

Yogonet

Five US states order to cease NFTs of metaverse casino with alleged ties to Russia that claims affiliation with Flamingo

U.S. state regulators of Texas, Wisconsin, Kentucky, New Jersey and Alabama simultaneously filed emergency orders Wednesday against a virtual casino they claim has ties to Russia and that has been operating in the metaverse, Flamingo Casino Club, which markets an alleged affiliation with Caesars' Flamingo Las Vegas Hotel & Casino. This follows a…

Innovation ・ 12 May 2022

Bitcoinist

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,…

Law ・ 12 May 2022

Cointelegraph

5 state regulators allege organization is tied to Russia, scamming users using metaverse casino

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…

Trust and Safety ・ 11 May 2022

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NBC News

Five U.S. states order a metaverse casino with alleged ties to Russia to halt sale of NFTs

Regulators in five states simultaneously filed emergency orders Wednesday against a virtual casino they say has ties to Russia and that has been operating in the metaverse, a digital world where participants can interact with each other, purchase products and even gamble. State law enforcement officials say Flamingo Casino Club's operators failed…

Innovation ・ 11 May 2022

CNBC

Five U.S. states order halt to NFT sales by metaverse casino with alleged Russia ties

Regulators in five states simultaneously filed emergency orders Wednesday against a virtual casino they say has ties to Russia and that has been operating in the metaverse, a digital world where participants can interact with each other, purchase products and even gamble. State law enforcement officials say Flamingo Casino Club's operators failed…

Innovation ・ 11 May 2022

Online Poker Report

Shutting Down Crypto Casinos Like Playing Whack-A-Mole

Earlier last month, state securities regulators in Alabama and Texas issued cease-and-desist orders against a Cyprus -based company that's been hawking non-fungible tokens (NFTs). It was doing so to operate crypto casinos in the metaverse. The enforcement actions are both the first of their kind and likely not the last. In a particularly gray…

Crypto ・ 09 May 2022

JDSupra

Texas and Alabama Securities Regulators File Enforcement Actions Against Online Casino Developer Selling NFTs to Operate Casinos in a Metaverse

The Situation: State securities regulators in Texas and Alabama filed two first-of-their kind enforcement actions against a company selling non-fungible tokens ("NFTs") to operate casinos in a metaverse. The Result: The cease and desist orders issued against the company allege various state law violations, including making deceptive and misleading…

Innovation ・ 26 April 2022

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The US Sun

Metaverse 'gambling casino' NFTs BANNED by two US states in shock crackdown

TEXAS and Alabama have halted the sales of NFTs in metaverse casinos. Securities officials from both US states cited fraud and violation of state regulations as the reasons behind the ban. The Texas State Securities Board (TSSB) filed an Emergency Cease and Desist order that specifically mandated Cyprus-based Sand Vegas Casino Club to stop its sale…

Innovation ・ 23 April 2022

JDSupra

Texas Securities Sheriff Wrangles Metaverse Gamblers

Securities law enforcement entered the metaverse recently in the form of an emergency cease and desist order issued by the Texas State Securities Board against individuals and a company using NFTs to finance multiple metaverse casinos. Much like Wyatt Earp busting into the O.K. Corral, this one gets interesting. The order alleges a high-tech…

Innovation ・ 22 April 2022

CoinGeek

Texas and Alabama halt sale of metaverse casino NFTs

The state securities regulators in Alabama and Texas have halted the sale of metaverse casino NFTs, saying that the people behind the scheme were fraudulent and violated state securities regulations. In its order, the Texas State Securities Board (TSSB) ordered Cyprus-based Sand Vegas Casino Club and its founders Martin Schwarzberger and Finn Ruben…

Innovation ・ 22 April 2022

Times Of Casino

Online Casino Stops NFT Sale Following a Regulatory Issue

NFTs have insinuated nearly every aspect of our lives, from arts and gaming to intellectual rights. However, there are no legal guidelines to instruct what can and cannot be NFTs, and some take advantage of such loopholes to evade legal limitations. One such incident caught the eyes of the state securities regulators in the United States last week.…

Law ・ 18 April 2022

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Crypto Briefing

U.S. State Regulators Aim to Shutter NFT Casino

Security regulators in two U.S. states have issued cease-and-desist orders against an online casino offering non-fungible tokens. Alabama's State Securities Commission reported that it has filed a cease-and-desist order against Sand Vegas Casino Club. The Texas State Securities Board has also filed a cease-and-desist order and published its own…

Law ・ 15 April 2022

Times Of Casino

State Regulator Orders Online Casino to Stop Selling NFTs in Texas

The states' war with DeFi continues as one online casino was accused of security fraud. The state regulators in Texas and Alabama ordered Sand Vegas Casino Club to shut its NFT business. The casino is reported to have been selling securities illegally under the guise of NFTs. The casino operators went off the grid following this accusation by the…

Law ・ 14 April 2022

Vegas Slots Online

Regulators Order Virtual Casino Firm to Stop Selling NFTs

Securities regulators in Alabama and Texas have ordered a virtual casino firm to stop selling non-fungible tokens (NFTs). The regulators alleged on Wednesday that by illegally offering unregistered securities, the company was defrauding people. an effort to raise funds to build metaverse-based virtual casinos The firm in question, Sand Vegas Casino…

Crypto ・ 14 April 2022

PYMNTS

Virtual Casino Firm Ordered to Stop Selling NFTs

Securities regulators in Texas and Alabama on Wednesday (April 13) have ordered Cyprus-based online casino developer Sand Vegas Casino Club to stop selling nonfungible tokens (NFTs), saying the company was offering unregistered securities and defrauding the public, according to a Reuters report. Sand Vegas and co-founders Martin Schwarzberger and…

Crypto ・ 13 April 2022