NFT Sports⁣ Game Company Sorare Charged with Providing Unlicensed Gambling Facilities: UK Gambling Commission

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Key‍ Points:

• Sorare, a blockchain-based fantasy soccer‌ game company, has been charged with providing unlicensed gambling facilities in⁢ the UK.
• This ‍is the first time the UK Gambling Commission has prosecuted a blockchain-based‍ platform, setting a potential precedent for future ⁣cases.

Sorare, a France-based company, offers fantasy sports games that allow players to buy and ⁣sell NFT-based collectible cards. The company has contracts with sports associations worldwide, including the English Premier League and the German Bundesliga.

The UK Gambling Commission has charged⁣ Sorare with providing gambling facilities⁢ without obtaining an operating license.⁢ The company must appear at Birmingham Magistrates’ Court‌ on October 4.

The charges result from ⁢a nearly ⁢three-year investigation ⁢by​ the commission.‌ In 2021, the Gambling Commission announced⁤ that it was investigating‌ whether⁣ Sorare required a gambling ⁣license.

This case marks a new sign that UK regulators are taking a ‌tougher ⁣stance against suspected illegal activities in the ‌crypto asset field. The outcome could set a precedent for how⁢ the commission⁢ treats Web3 companies in⁢ the ‌future.

A Sorare spokesperson denied the claims, stating, “We categorically deny any claim that Sorare constitutes a gambling⁢ product under ⁤UK law. The Commission misunderstood ‍our ‍business and incorrectly determined that​ gambling ⁤laws apply to Sorare.”