Kraken pays a $30 million fine and shuts down crypto staking in the US

A coin is set aflame to reveal a digital wireframe underneath.
Illustration by Alex Castro / The Verge

Kraken will end its crypto staking program in the US and pay $30 million in penalties as part of a settlement with the Securities and Exchange Commission. The regulator charged the company with selling unregistered securities through its “crypto asset staking-as-a-service program.” It’s been clear for a while now that the SEC was planning to clamp down on crypto yield programs. In 2021, it got into a spat with Coinbase over the exchange’s plans to launch a lending feature in the US, and last year, it (and several states) settled with BlockFi for $100 million over the company’s interest accounts.

Coinbase CEO Brian Armstrong tweeted concern about “rumors” the...

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source https://www.theverge.com/2023/2/9/23593183/kraken-staking-sec-settlement-penalties-crypto-interest

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