States in the US demand that Metaverse Casino cease selling NFTs.

Since it began operating around a year ago, the US-based online casino Slotie has provided players with access to an interactive Metaverse and NFTs that grant holders access to its gaming network. As a result of regulators in four separate states ordering it to halt the sale of its NFTs, Slotie has now found itself in legal trouble.

According to recent reports, authorities in Texas, Kentucky, New Jersey, and Alabama have issued cease-and-desist orders against Slotie. This is because Slotie has been operating what is being referred to be an illegal gaming business.
About 10,000 of Slotie’s NFTs, which it referred to as “your ticket into the largest and fastest-growing online gambling network on the blockchain,” had already been sold prior to this.

Regulators and investors were sadly left in the dark about the company’s assets, liabilities, revenue, and founders’ and company’s contact information, among other important details. It has now been told to stop trading NFTs until the necessary registration is finished. Slothie might be fined up to $10,000 if it doesn’t.

Joe Rotunda, the director of the Texas State Securities Board, asserts that as assets supported by the Metaverse and NFT gain popularity, regulators and the general public should exercise caution.

“The newest metaverse investment products, known as NFTs, frequently include considerable, unadvertised risks, even if they claim to offer passive income. Investors that invest in virtual worlds run the chance of becoming completely bankrupt, and these risks are frequently substantial.