OpenSea, the online marketplace for NFT trading, has suspended trading in a pixelated turtle project claiming it broke rules related to carrying out financial activities.
The collection of 10,000 DAO Turtles dropped on October 4 and has since recorded trading volume on OpenSea of more than 570 ether (roughly $2 million).
When sales of the turtle images came to an abrupt end late last week, the project’s founders asked staff at OpenSea why the ban had been enforced and shared details of their correspondence on Twitter.
An employee of the company wrote that DAO Turtles had violated its terms of service, clarifying that it is forbidden to use OpenSea to “carry out any financial activities subject to registration or licensing, including but not limited to creating, listing, or buying securities, commodities, options, real estate, or debt instruments,” or for fundraising for a business or protocol via an array of methods including Initial Coin Offerings.
It is not clear exactly wh
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