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NFT Sales ViolationsCoinGape
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75% Informative
SEC takes action against Flyfish Club , LLC , for unregistered sale of non-fungible tokens (NFTs) Flyfish raised $14.8 million through sale of around 1,600 NFTs between August 2021 and May 2022 .
Flyfish violated Sections 5(a ) and 5(c) of the Securities Act of 1933 by failing to register these NFT tokens as securities.
The order mandates that Flyfish cease and desist from future violations, pay $ 750,000 in civil penalties, and destroy all Nfts in its possession within ten days .
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