According to an announcement made on August 3, 2023, the Sandbox, a Metaverse platform, will require Know Your Customer (KYC) verification for its staking processes, stated Cointelegraph.
“To enhance user security and compliance, we have implemented KYC verification for our staking process. Our goal is to ensure that our users’ accounts are verified before they can participate in staking or claim their earnings,” the developers explained.
Sources revealed on June 6, 2023, 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, Cointelegraph added.
It is expected that “The information TSB publicly disseminated has led SAND holders, including those who have purchased SAND since May 2022, reasonably to view SAND as an investment in and to expect to profit from TSB’s efforts to grow the Sandbox protocol, which, in turn, would increase the demand for and the value of SAND,” SEC mentioned, Cointelegraph concluded.
(With insights from Cointelegraph)