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Fortune
Fortune
Marco Quiroz-Gutierrez

Tokens for The Sandbox and 'Axie' among those branded securities in SEC suits against Coinbase and Binance

SEC Binance Coinbase SAND Sandbox metaverse AXS Decentraland Lawsuit
Axie Infinity artwork (Credit: Courtesy of Sky Mavis)

The Securities and Exchange Commission made waves this week by suing crypto exchanges Coinbase and Binance, and three tokens linked to popular Web3 experiences were caught in the crosshairs.

As part of the Binance and Coinbase suits, the SEC labeled several cryptocurrencies as securities, including SAND and AXS, the native cryptocurrencies, respectively, of The Sandbox metaverse and Web3 play-to-earn game Axie Infinity.

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