#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. It offers a wide variety of activities and entertainment options. Some platforms within the metaversa are more developed than others. The development of digital assets including cryptocurrencies and non-fungible tokens (NFTs) is blurring the lines between a virtual game experience and reality. What seems to some like a game will increasingly have real-world economic consequences for users and the businesses with which they engage in the Metaverse.
Law
CoinGeek

US regulators crack down on Slotie metaverse casino

US regulators crack down on Slotie metaverse casino. They allege it lured investors into an illegal gambling operation built in the metaversay. Texas, Kentucky, Alabama, and New Jersey regulators filed actions against Sloties. Slotis sold over 10,000 NFTs to investors in U.S. and beyond. It failed to register them with the SEC and didn't provide them information about the company. The company is based in Georgia and started its operations in October 2021. It touts its NFSs as investors’ ticket into the largest and fastest-growing online casino network on the blockchain.
Innovation
US regulators crack down on Slotie metaverse casino
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Top 5 NFT Wallets Read more here:

Top 5 NFT Wallets

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Benefits of NFT Games Read more here:

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Japanese Tax Agency Wants to Tax NFT Sales and Crypto Gaming Profits Read more here:

Japanese Tax Agency Wants to Tax NFT Sales and Crypto Gaming Profits

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Lexology

Metaverse Casinos: A Regulatory Wild West

The metaverse is an immersive online universe on the blockchain. It offers a wide variety of activities and entertainment options. Some platforms within the metaversa are more developed than others. The development of digital assets including cryptocurrencies and non-fungible tokens (NFTs) is blurring the lines between a virtual game experience and reality. What seems to some like a game will increasingly have real-world economic consequences for users and the businesses with which they engage in the Metaverse.
Innovation
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Securities agents in five states have turned of the lights at an NFT casino

Securities agents in five states have ordered the closure of an NFT casino. The Flamingo Casino Club is accused of offering NFS to those who buy them. Investigators traced the operation to Moscow. It would be in violation of sanctions imposed by the US government. It also violates the terms of the NTS.
Crypto
Securities agents in five states have turned of the lights at an NFT casino
World Casino News

Investors warned to be wary of Flamingo Casino Club

Regulators in five states filed an emergency cease-and-desist order against a website with alleged ties to Russia. The website promotes a non-existent relationship with the Flamingo Las Vegas Hotel and Casino while operating under an IP address registered to Moscow.
Finance
Investors warned to be wary of Flamingo Casino Club
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5 States Allege Metaverse Casino Run by 'Russian Scammers'

Flamingo Casino Club is accused of promoting non-fungible token (NFT) scams to US residents. Regulators in Texas, Wisconsin, Kentucky, New Jersey and Alabama filed emergency orders Wednesday. The digital casino's website was down on April 13. The NFT collection currently appears to be delisted from OpenSea. According to the club's site, its NTF holders receive a share of the profits generated by the online casino.
Trust and Safety
5 States Allege Metaverse Casino Run by 'Russian Scammers'
Cointelegraph

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

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. The organization has been "fraudulently soliciting NFTs" it claims are tied with ownership rights of a casino in metaversay. It has allegedly solicited investors directly through social media and recruited influencers to promote N FT sales for the casino, which it also claimed to be operating in Russia in March 2022.
Trust and Safety
5 state regulators allege organization is tied to Russia, scamming users using metaverse casino
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Online Poker Report

Shutting Down Crypto Casinos Like Playing Whack-A-Mole

Alabama and Texas issued cease-and-desist orders against a company that was selling non-fungible tokens (NFTs) to operate crypto casinos in the metaverse. Sand Vegas Casino Club allegedly offered 11,111 NFT in an unregistered and allegedly fraudulent securities offering. It's difficult for governments to stay on top of them as they are able to repopulate quite easily.
Crypto
Shutting Down Crypto Casinos Like Playing Whack-A-Mole
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Texas Securities Sheriff Wrangles Metaverse Gamblers

The Texas State Securities Board has issued an emergency cease and desist order against individuals and a company using NFTs to finance multiple metaverse casinos. The order alleges securities registration violations, deceit of likeness, and numerous other counts of fraud and deceit. The intersection of law, policy and the metaversay is rapidly developing. It will continue to evolve over time. iReport.com will keep you updated. for more information. on the topic. to read the full order, click here. and follow the link on their website.
Innovation
Texas Securities Sheriff Wrangles Metaverse Gamblers
CoinGeek

Texas and Alabama halt sale of metaverse casino NFTs

Texas and Alabama securities regulators have halted the sale of non-fungible tokens (NFTs) tied to virtual casinos. The NFT's owners get a pro-rata share of profits from the casinos and they are supposed to be regulated. The company behind the NFS is based in Cyprus and claims to develop Internet casinos in metaverses. It is working to comply with the regulations. Alabama Securities Commission filed a similar cease and desist order. OpenSea is also being contacted by the TSSB. They want to know if it has been listing NTSs without obtaining the necessary license.
Innovation
Texas and Alabama halt sale of metaverse casino NFTs
Times Of Casino

Online Casino Stops NFT Sale Following a Regulatory Issue

Online Casino Stops NFT Sale Following a Regulatory Issue. Sand Vegas Casino Club, a virtual casino that explores the possibilities of the metaverse in gambling, was charged with illegally offering securities to its users. The state regulators and Texas and Alabama ordered a online casino from Cyprus to stop their N FT sales. OpenSea, the largest NTF marketplace, removed the Sand Las Vegas NFS from the market. The SEC has not issued any formal guidelines on whether NTS are securities. This is the first time avirtual casino has received a cease and desist order from state securities regulators.
Law
Online Casino Stops NFT Sale Following a Regulatory Issue
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Times Of Casino

State Regulator Orders Online Casino to Stop Selling NFTs in Texas

State Regulator in Texas ordered Sand Vegas Casino Club to stop selling NFTs in the state. The fundraiser for building virtual casinos in emerging metaverse projects involved 111,111 unique N FTs. It is the first such case in DeFi. Regulators are interested in checking on the emerging areas like NFS and the metaverses. Two men were arrested for allegedly defrauding $1.1 million from NTS buyers. They were working in a grey area. NTFs are illegal securities. There are no formal clarifications from the regulators. Defi enthusiasts believe the case opens up a new portal for the US regulators to check on NFXs and DeFIs.
Law
State Regulator Orders Online Casino to Stop Selling NFTs in Texas
Vegas Slots Online

Regulators Order Virtual Casino Firm to Stop Selling NFTs

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”.
Crypto
Regulators Order Virtual Casino Firm to Stop Selling NFTs
PYMNTS

Virtual Casino Firm Ordered to Stop Selling NFTs

Virtual Casino Firm Ordered to Stop Selling NFTs. Texas and Alabama Securities Regulators ordered Sand Vegas Casino Club to stop selling nonfungible tokens. They say the company was offering unregistered securities and defrauding the public. N FTs are the latest example of NTSs finding themselves in the legal crosshairs. Last month, two men were arrested and charged after allegedly scamming NTFs for $1.1 million. OpenSea has listed Sand Las Vegas tokens on its marketplace.
Crypto
Virtual Casino Firm Ordered to Stop Selling NFTs