COINTURK NEWSCOINTURK NEWSCOINTURK NEWS
  • Real-Time News Feed
  • Bitcoin
  • Altcoin
  • Ethereum
  • Technology News
  • Advertise
  • Contact
  • TURTURTUR
  • ESESES
Search
© 2024 COINTURK NEWS. All Rights Reserved.
Reading: Sorare Faces Allegations for Providing Unauthorized Gaming Services in the UK
Share
Languages
  • TürkçeTürkçe
  • EspañolEspañol
Font ResizerAa
COINTURK NEWSCOINTURK NEWS
Font ResizerAa
Search
  • Real-Time News Feed
  • Bitcoin
  • Altcoin
  • Ethereum
  • Technology News
  • Advertise
  • Contact
  • TURTURTUR
  • ESESES
Follow US
© 2025 BLOCKCHAIN Information Technologies. >> COINTURK NEWS
Powered by LK SOFTWARE
COINTURK NEWS > Cryptocurrency News > Sorare Faces Allegations for Providing Unauthorized Gaming Services in the UK
Cryptocurrency News

Sorare Faces Allegations for Providing Unauthorized Gaming Services in the UK

In Brief

  • Sorare is accused of providing unauthorized gaming services in the UK.

  • The ruling could set a precedent for future Web3 regulations.

  • UK regulators are increasing scrutiny on the crypto sector.

Fatih Uçar
Fatih Uçar 7 months ago
Share
SHARE

Sorare, a fantasy sports company based in France, is accused of offering unauthorized gaming services in the United Kingdom. This marks the Gambling Commission’s initial action against a blockchain-based virtual gaming platform.

Contents
Sorare’s NFT Platform Labeled Illegal in the UKA Significant Step for Web3 RegulationsGrowing Scrutiny of the Crypto Sector in the UK

Sorare’s NFT Platform Labeled Illegal in the UK

Located in Saint-Mandé, France, Sorare provides fantasy games that allow users to buy and sell NFT collection cards based on football, basketball, and baseball events.

Recently, Sorare partnered with major sports leagues such as the English Premier League and the German Bundesliga. NFTs represent unique digital tokens that signify assets within the platform.

A Significant Step for Web3 Regulations

This ruling could potentially set a significant precedent for future Web3 regulations. As the Gambling Commission’s first regulatory action against a blockchain organization, this decision may influence how regulators approach companies in the Web3 and NFT sectors.

“Sorare is accused of providing gaming services without an operating license, violating sections 33(1), (4), and 36(3), (3A) of the Gambling Act of 2005.”

The company has been summoned to appear before the Birmingham Magistrates’ Court on October 4, following a three-year investigation initiated by the UK Gambling Commission. Launched in 2021, the investigation aimed to determine whether Sorare needed a gambling license to operate. This action could have potential implications for regulatory attitudes towards Web3 and NFT-related companies.

Growing Scrutiny of the Crypto Sector in the UK

This development also illustrates the increasing scrutiny by UK regulators regarding suspected illegal activities in the crypto sector. Similar recent actions against unregulated crypto ATMs signal this rising intensity.

Sorare firmly denied that its platform constitutes a gambling product under the laws of England and Wales, stating that regulators misinterpreted its business model and improperly applied gambling laws.

This case could provide a crucial precedent for how Web3 and NFT-based platforms are evaluated in the regulatory landscape. Other crypto companies that remain operational may face similar regulations in the UK. It is essential for businesses to carefully examine the laws relevant to their operational regions.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

You Might Also Like

Trump Cuts Ties with Lobby Firm Over Digital Asset Controversy

Lido Finance Empowers stETH Holders with New Governance Proposal

Crypto Markets Surge with Bitcoin’s Impressive Rise

Steak ‘n Shake Embraces Bitcoin for Nationwide Payments

US Senate Pushes Bold New Regulations on Stablecoin Issuers

Fatih Uçar 28 September, 2024 - 12:38 pm 28 September, 2024 - 12:38 pm
Share This Article
Facebook Twitter
Share
Previous Article BNB Price Experiences Fluctuations Following CZ’s Release from Prison
Next Article TokenPicks: The All-in-One Crypto Signal and Education App for All Traders
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Stay Connected

8.1k Like
21.1k Follow
1.1k Follow

Latest News

Brazil Embraces Bitcoin: Belo Horizonte Leads the Digital Finance Charge
Bitcoin News
Gemini Conquers Europe with Strategic Derivative Offerings
Cryptocurrency Exchanges
Trump Cuts Ties with Lobby Firm Over Digital Asset Controversy
Cryptocurrency News
Lido Finance Empowers stETH Holders with New Governance Proposal
Cryptocurrency News
//

COINTURK was launched in March 2014 by a group of technology enthusiasts who believe that Bitcoin will be as important as the internet in the world of the future thanks to the amazing technology underlying it.

CRYPTOCURRENCY LIVE PRICES

  • Bitcoin (BTC) Live Price
  • Ethereum (ETH) Live Price
  • Ripple (XRP) Live Price
  • Solana (SOL) Live Price
  • Dogecoin (DOGE) Live Price
  • Cardano (ADA) Live Price
  • Chainlink (LINK) Live Price

OUR PARTNERS

  • COINMARKETCAP
  • COINGECKO
  • BITCOINHABER
  • BH NEWS
  • 21MILYON
  • NEWSLINKER

OUR COMPANY

  • About Us
  • Cookie Policy
  • Advertising
  • Contact
COINTURK NEWSCOINTURK NEWS
Follow US
© 2025 BLOCKCHAIN Information Technologies. >> COINTURK NEWS
Powered by LK SOFTWARE
Welcome Back!

Sign in to your account

Lost your password?