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Following a settlement of $30 million with the SEC, Kraken ceases to offer crypto staking services in America


According to SEC’s complaint, Kraken has offered and sold its crypto asset “staking services” since 2019, advertising annual investment returns of as much as 21%.

Gary Gensler, SEC Chair, stated:

Whether it’s through staking-as-a-service, lending, or other means, crypto intermediaries, when offering investment contracts in exchange for investors’ tokens, need to provide the proper disclosures and safeguards required by our securities laws. Today’s action should make clear to the marketplace that staking-as-a-service providers must register and provide full, fair, and truthful disclosure and investor protection.

Kraken posted a blog post stating that it will end its on-chain Staking Services for US Clients and will immediately unstake all assets of clients enrolled in the program. But, Kraken stated in a blog post that it will not stake its staked ether (ETH), following the Shanghai upgrade

Kraken stated that it will continue to offer staking service to non-US clients through its separate subsidiary.

Kraken, which announced its decision to cease operations in Japan earlier in December, cited current market conditions and a weak global crypto market.

The post Kraken stops crypto staking in…

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