HomeCryptocurrency lawThe popular football NFT platform Sorare has problems with the regulator

The popular football NFT platform Sorare has problems with the regulator

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Sorare

The fast-growing European platform in the field of fantasy football and digital collectibles Sorare has become interested in the UK Gambling Commission

The regulator warned consumers that Sorare’s business operates outside the gambling regulations that a licensed operator must comply with, so users should take this fact into account when deciding whether to use the platform.

The regulator is also investigating whether Sorare should be required to have a gambling license or whether its services do not fall under this classification. Although the company does not offer any traditional forms of sports gambling, the speculative nature of their digital trading cards, the value of which is largely determined by the results of players, creates a fine line between the above classification.

In a statement regarding the investigation, Sorare assured of its full confidence that it does not offer any forms of regulated gambling, and this fact has been confirmed by legal experts since the company was founded.

Sorare stated that it will always be open to dialogue with the authorities who wish to study the scope of the company’s activities more thoroughly:

“We believe that in this way we show responsibility in the development of our business and instill confidence in our community.”

In September, the Paris-based company raised $680 million in a Series B funding round and is valued at $4.3 billion.

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