Crypto Exchange Kraken Ends Staking Program in $30 Million SEC Settlement
- Kraken to pay $30 million to settle the case, regulator says
- Settlement could have a major impact across the industry
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Kraken will pay $30 million to settle Securities and Exchange Commission allegations that it broke the agency’s rules with its cryptoasset staking products and will discontinue them in the US as part of the agreement with the regulator.
The SEC on Thursday alleged that the firm’s staking service was an illegal sale of securities. The settlement with Kraken could have a sweeping impact on the industry because major crypto exchanges including those run by Coinbase Global Inc. and Binance Holdings Ltd. have waded into the products to diversify revenues.