Kraken will stop offering US crypto 'staking' and pay a $30 million penalty after settling with the SEC

Fri, 02/10/2023 - 05:48

SEC Chair Gary Gensler — Gensler signaled this year that the SEC should modernize its rules regulating fixed income markets. markets.
Evelyn Hockstein/Associated Press

Kraken has agreed to end its "staking" program in the US and pay $30 million to settle a probe by the SEC.
The crypto exchange's service offered its customers returns if they put up their tokens for staking.
Bitcoin and ethereum were trading lower Friday as the crypto industry pushed back against the SEC move.

Kraken has agreed to stop offering crypto "staking" services to US customers and pay $30 million as part of a settlement with regulators over charges it failed to register the yield-bearing program.