SEC Ends Investigation into Gaming Company Web3 Immutable
The Australian crypto company said it was served with a Wells Notice from the US Securities and Exchange Commission in November last year.
Cheyenne Ligon | Edited by Nikhilesh De , Mar 25, 2025 7:37 PM UTC
Key points:
- The U.S. Securities and Exchange Commission has completed its investigation into Immutable, the Australian company said on Tuesday.
- The Securities and Exchange Commission (SEC) has closed a slew of cases over the past few weeks.
The U.S. Securities and Exchange Commission (SEC) has halted its investigation into gaming platform Web3 Immutable and will not file charges, the company said Tuesday.
Australian firm Immutable noted that it received a Wells Notice, which is a formal notice from the SEC of an intent to file an enforcement action against a recipient, last November. At the time, the company suggested that the SEC’s investigation related to the listing and private sales of its native token, IMX, in 2021.
“We are pleased that the SEC has concluded its investigation,” said Robbie Ferguson, co-founder and president of Immutable, in a statement. “This represents a significant achievement for the crypto and gaming industries as we move toward a future with clear regulatory frameworks.”
Ferguson added that the company is “thrilled” with the regulatory clarity from the US government and stressed that “with a clear regulatory framework, we intend to accelerate our goals of bringing digital asset ownership to the 3.1 billion gamers around the world.”
The SEC declined to comment, telling CoinDesk that the agency “does not discuss the existence or absence of a potential investigation.”
The SEC’s decision to drop its investigation into Immutable is the latest in a string of cases and dismissed litigation as the agency continues a dramatic shift away from former Chairman Gary Gensler’s so-called “regulation by enforcement” approach to the crypto industry. Under Acting Chairman Mark Uyeda, the SEC is signaling a complete overhaul of its regulatory strategy for cryptocurrencies, creating a crypto task force led by crypto-friendly Commissioner Hester Peirce and launching a series of roundtables with industry representatives.
Less than three months after Donald Trump took office as U.S. President, catalyzing major changes to crypto regulation, SEC investigations into crypto exchange Gemini, trading platform Robinhood, non-fungible token (NFT) marketplace OpenSea, NFT company Yuga Labs, and now Immutable have been closed, with no enforcement charges pending. The agency’s lawsuits against crypto companies including Kraken, Coinbase, ConsenSys, Ripple, and Cumberland DRW have also been concluded. Additional litigation, including the SEC’s lawsuits against Tron and Binance, have been stayed.
However, not everyone who received a Wells Notice is still under SEC scrutiny. Cryptocurrency issuer Unicoin received a Wells Notice last year, which informed the SEC of its intention to bring charges for possible violations related to fraud, deceptive practices, and the offer and sale of unregistered securities.
A Unicoin representative told CoinDesk that the company is “in the final stages of the SEC review process.”
“At this time, we have not received any new updates or formal feedback from the SEC regarding our registration,” the spokesperson added. “We are fully committed to compliance and transparency and continue to work to obtain the necessary approvals for our planned offerings.”
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