UK regulator launches review of NFT platform Sorare

UK regulator launches review of NFT platform Sorare

The UK Gambling Commission has initiated an audit of NFT fantasy football platform Sorare. This was announced on the regulator's website.

According to the report, the company does not have a licence to operate in the region - UK consumers have been urged to take this fact into account when making decisions about using the service.

This means that any actions taken on the site by users in the UK fall outside the rules that a licensed operator must comply with, the Commission said.

The regulator plans to investigate whether Sorare has the hallmarks of a gambling platform.

Representatives of the service said they were willing to engage in dialogue with the authorities and expressed confidence that they were not offering users "any form of regulated gambling".

This has been confirmed by legal opinions at all stages since the company was founded, including a number of funding rounds, the statement said.

Sorare was founded in 2018. The platform can buy, sell and exchange NFT player tokens from the world's leading football clubs. The tokens are also used in virtual prize tournaments.

Among Sorare's 175 partner clubs are France's Paris Saint-Germain, Italy's Juventus, Spain's Barcelona and Russia's Spartak and Zenit.

According to the company, there are more than 600,000 registered users on the platform. Since the beginning of 2021, its trading volume has totalled more than $150m.

Recall that Sorare raised $50m in February, with the investment led by venture capital fund Benchmark.

In September, the NFT platform completed a $680 million Series B funding round, valuing the company at $4.3 billion.

Jack Evans

About the author

I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments. 

View All Posts By Jack Evans