Sorare, sports-based non-fungible tokens (NFTs) platform, is under investigation by the UK's Gambling Commission. According to an official statement, the regulator is carrying out enquiries into the company to establish whether the service requires an operating license.
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The commission says Sorare is not licensed, which means that any activity completed on the platform by users from the UK is "outside of the gambling regulations that a licensed operator should comply with." As of press time, the European Union-based company has not officially commented on the news.
The warning comes after Sorare completed a $680 million Series B funding round, surging its valuation up to $4 billion.
The round was led by Softbank. Other investors like Accel, Benchmark, Headline, Atomico, D1 Capital, Bessemer Ventures, Eurazeo, IVP, Hillhouse and Liontree, as well as professional soccer players such as Gerard Piqué, Antoine Griezmann, Rio Ferdinand and César Azpilicueta also participated.
Sorare, which was founded back in 2018, allows users to buy, sell and trade NFT cards of players from the world's top soccer clubs. The tokens are also used in virtual prize tournaments.
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