An emergency cease-and-desist order against Flamingo Casino Club, the Russian Metaverse gambling platform, is issued against state securities regulators in Wisconsin, Kentucky, Texas, New Jersey, and Alabama.
A cease-and-desist order against the Flamingo Casino Club, a Metaverse project summoning NFTs, is issued by the Regulators in five U.S. states. Flamingo Casino Club claims that it would authorize investors to a fraction of gambling revenues made through its virtual casino. According to the regulators, the origin of the projects is traced back to Russia, where they started running in March 2022.
The regulatory bodies also alleged that the platform gave various false or misleading statements in relation to its partnership with the Flamingo Las Vegas Hotel and Casino, with which it has no affiliation along with the false statements that it has made donations to Ukraine.
Among other claims, the anonymous group said that within The Sandbox, it’s going to build a casino and that it is right now negotiating with legendary rapper Snoop Dogg to buy a fraction of his virtual land for the project.
This information would include physical addresses, phone numbers, and identifying information of key principals. Investigators were only able to determine the organization’s location in Russia by tracking IP addresses.
Flamingo Casino Club, on purpose, was unsuccessful in disclosing its assets, revenue, and liabilities among other financial information regarding its operations and the development and management of the Metaverse casino.
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Phone numbers, physical addresses, and pinpointing information of major principles, would be the information. However, Investigators to find its operations and the development and management of the Metaverse Casino.
In order to become compliant with the regulator, the Flamingo Casino Club is given 31 days. The project team could suffer prison time if the states decide to levy charges and the founders can be successfully abandoned to the United States for facing trial. The state regulators are not yet contacted by any representative from the online platform.
Heavy international sanctions are levied on Russia and Russian entities. The exchange of digital assets within their scope is explicitly included in these sanctions.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/05/12/russian-metaverse-casino-is-ordered-to-cease-operations-by-five-u-s-states-heres-why/