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Crypto News: Animoca Brands, a Hong Kong-based blockchain unicorn, has introduced a strategic shift in the direction of world markets after the crypto market witnessed quite a few lawsuits from the Securities and Exchange Commission (SEC). The SEC just lately labeled Animoca’s SAND cryptocurrency as an unregistered safety whereas focusing on exchanges resembling Binance and Coinbase Global.

Animoca Brands Diversifies Beyond US

According to Animoca Brands’ co-founder and chairman, Yat Siu, the corporate operates globally and doesn’t solely give attention to a single territory. Siu emphasised that the SEC’s actions wouldn’t have a big influence on Animoca Brands’ presence in broader markets the place the Sand token is extensively accepted and out there. This consists of progressive jurisdictions resembling Hong Kong and Japan.

Read More: US DOJ Asked To Investigate Binance On False Statements To Congress

In response to the growing regulatory scrutiny and what Siu refers to as a “blockchain-hostile” method within the United States, Animoca Brands has proactively initiated steps to prioritize different markets. The firm goals to mitigate potential setbacks ensuing from the SEC’s actions by increasing its operations and strengthening its presence in areas past the US.

Potential Delisting For SAND Token

While Coinbase stays resolute on not eradicating the cryptocurrencies highlighted within the SEC lawsuit, different exchanges are fastidiously analyzing the SEC’s evaluation to find out their plan of action. Robinhood, a well-liked US brokerage agency, is actively reviewing the SEC’s report back to assess whether or not any motion, resembling delisting tokens from their platform, is critical.

Sabastien Borget, co-founder and COO of The Sandbox — a digital world constructed on blockchain know-how and a star providing of Animoca’s wide selection of merchandise — responded to the SEC’s claims on Wednesday. Borget said that the SEC’s characterization of their token as a safety didn’t have an effect on the corporate’s day-to-day enterprise operations and he didn’t “necessarily agree” with the SEC’s classification of tokens.

As a part of its world diversification, latest studies counsel that Animoca is making important investments within the Middle East and different components of the world to faucet into the rising alternatives. In the wake of this information, the price of SAND is at present exchanging arms at $0.49 which represents a drop of 0.57% over the day prior to this.

Also Read: Circle Ropes In Former CFTC Chair To Push For Regulatory Clarity On Crypto

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