Unverified users can still withdraw staked SAND but will be unable to make further deposits.
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Metaverse platform The Sandbox will require Know Your Customer (KYC) verification for its staking processes, according to an Aug. 3 announcement.
The announcement stated that only verified users could deposit The Sandbox (SAND) tokens, which are native to the platform, and claim staking rewards, while non-verified users will be placed into withdraw-only mode. Data from blockchain analytics firm Messari shows that 123 million SAND, or 6.7% of the token’s circulating supply, is currently staked by users. The Sandbox developers wrote:
On June 6, Cointelegraph reported that SAND was one of 68 cryptocurrencies the United States Securities and Exchange Commission (SEC) deemed to be a security in its latest lawsuits against Binance and Coinbase. SAND was deployed on the Ethereum blockchain in 2012 by San Francisco gaming firm Pixowl. In 2018, Hong Kong-based Animoca Brands acquired Pixowl via its subsidiary TSB Gaming, intending to build a 3D metaverse utilizing blockchain technology.
Citing various initial exchange offerings and private sales conducted by developers over the years, the SEC alleges:
Since the publication of the Coinbase lawsuit, Animoca Brands co-founder Yat Siu has criticized the lack of “consistency” regarding SEC regulations and praised Hong Kong’s shifting attitude toward blockchain.
