CyberKongz Announces SEC Has Closed Its Investigation, New Roadmap Coming Soon

CyberKongz, a blockchain-based NFT and gaming project, announced that the US SEC has officially closed its investigation.

The US SEC has closed its investigation into CyberKongz, the blockchain-based NFT and gaming project, without any charges or enforcement actions, the agency confirmed.

The regulator had started probing the project in 2023 over its use of a digital token, called BANANA, in a blockchain game.

In December 2024, CyberKongz disclosed that it had received a Wells Notice from the SEC, signaling that agency staff might recommend an enforcement action. However, that never happened.

“After two years of tension and quiet, this chapter has finally closed,” the CyberKongz team shared on X. “We’re finally free to share our journey—and reveal what’s coming next.”

The SEC has officially closed its investigation into CyberKongz.After years of litigation, unjust allegations, crippling legal fees, and the biggest hurdle we could possibly encounter – we are free.This is an extremely proud moment for CyberKongz. We are a small, passionate,… pic.twitter.com/kU1QOnp4wN

— CyberKongz (@CyberKongz) August 24, 2025

The SEC’s probe focused on how CyberKongz was linking its token to a gaming experience. The agency has been scrutinizing protocols that combine a token with a game, as it might classify the token as a security.

However, the agency’s position made it nearly impossible for the project to plan ahead. “We never saw our project as falling under those rules, but we weren’t allowed to speak publicly until now,” CyberKongz stated.

The project also mentioned that the Genesis Kongz smart contract migration in 2021 was one of the areas the SEC reviewed during the process.

Now that the case is over, CyberKongz plans to restart with a full rebrand and updated roadmap. The team said they had been preparing for this moment and will soon share more details about what comes next.

“We’ve taken our share of hits, but we’re still standing,” said Myoo, the project’s founder and lead artist. “What comes next is built from experience. We’re going back to what made this fun and creative in the first place.”

CyberKongz launched its original NFT collection on Ethereum in 2021 and grew its ecosystem with additional drops. In 2023, the project shifted its blockchain game to Ronin, a network built specifically for gaming.

This case is one of several that the SEC has closed since early 2025.

Coinbase (NASDAQ:COIN), Uniswap, Kraken, OpenSea and other crypto firms have also seen their cases come to an end recently. This follows changes at the agency under President Donald Trump’s administration.

A new task force focused on crypto policy is now active inside the SEC. It is currently led by Commissioner Hester Peirce, who has pushed for clearer guidelines instead of enforcement-heavy tactics.

Only a handful of NFT projects have openly shared the end of their SEC cases. In March, Yuga Labs, the company behind Bored Ape Yacht Club, disclosed that the agency had closed its investigation without any actions.