NFT Metaverse Casino Slotie Ordered by State Regulators to Shut Down

Ross Jensen
October 24, 2022
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Regulators across four US states have simultaneously filed for emergency cease-and-desist orders against virtual casino Slotie.

For those uninformed, Slotie is a decentralized crypto casino based around NFTs. Sloties grant holders access to the new world of Defi Gambling.

On October 20, state securities regulators from Texas, New Jersey, Kentucky, and Alabama filed emergency cease-and-desist orders against Slotie metaverse casino. In a press release from the State Securities Board they accuse Slotie of providing investors with ownership interests in the casino and the right to share in them. Slotie is unlicensed and don’t have any legislation backing them up.

In their latest tweet, Slotie said this:

The project could be facing a sentence of 2 to 10 years and a fine if they don’t comply with the Texas State Securities Board.

What does this mean for the future of Metaverse casinos?

Metaverse casinos have been a big topic in the gambling community, with the interest being at an all time high. Slotie is one of the bigger projects in the community, and have been very popular since their initial mint. They’re not the first the online casino to offer gambling using NFTs though. Casinos like BC.Game have been on the front with everything metaverse related, and we except a lot more in the future.

What do you think, will Slotie be able to recover? Will they survive the cease-and-desist order? Leave a comment below.

Author Ross Jensen

Ross is a keen crypto enthousiast from Denmark, currently living in San Fransisco. After hearing about crypto from a friend in 2016, he brought his love for writing and crypto together and became our head-writer. Ross has a background as a software engineer, and has worked on many crypto related projects in the past.

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