The US Securities and Exchange Commission (SEC) announced on January 19, 2023 that cryptocurrency lending company Nexo had been fined $45 million for breaking federal securities law.
Here are some of the major developments from the world of crypto over the last few days
The US Securities and Exchange Commission (SEC) announced on January 19, 2023 that cryptocurrency lending company Nexo had been fined $45 million for breaking federal securities law.
This is the most recent in a series of enforcement actions that US regulators have taken to combat misconduct in the crypto industry, nytimes.com reported.
The SEC said that Nexo had allowed customers in the US to transfer their Bitcoin deposits and earn interest on it in 2020. It said that Nexo had violated registration requirements and that the interest programme met the criteria of crypto being treated as a security.
Nexo reached a settlement without confessing to any wrongdoing. A $22.5 million punishment to the SEC and an extra $22.5 million to resolve complaints from state authorities were agreed upon by the corporation.
“We charged Nexo with failing to register its retail crypto lending product before offering it to the public, bypassing essential disclosure requirements designed to protect investors. Compliance with our time-tested public policies isn’t a choice,” SEC chair Gary Gensler said in a statement.
Jump.trade Launches Motion Capture NFTs For Meta Cricket League Game
Jump.trade, a GuardianLink brand, has announced the launch of the motion capture non-fungible tokens (NFTs ) for the Meta Cricket League game. Known as the MCL Signature Shot NFTs, this is a collection of 10,000 collectible NFTs that can also be used for trade and play in the Meta Cricket League game.
The MCL Signature Shot NFTs use motion capture technology to recreate highly detailed and lifelike cricket player movements inside the game, enabling players to interact in a whole new way. The motion capture technology used to create these NFTs capture the actions and style of real-world cricket players, resulting in highly detailed and lifelike in-game characteristics that are accurate to their real-world counterparts.
The launch of these NFTs mark a major step forward in the evolution of Blockchain gaming and the use of NFTs in the gaming industry.
“We are thrilled to be at the forefront of innovation in the Blockchain gaming industry with the launch of these motion capture NFTs,” said Kameshwaran Elangovan, chief operating officer of Jump.trade.
“These MCL Signature Shot NFTs bring a new level of realism and immersion to the Meta Cricket League game and allow players to own a piece of the game. We are excited to see how players will use these NFTs to enhance their gaming experience and bring a new level of authenticity to the metaverse cricketing world,” he added.