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Breaking: Kraken Cracks Under SEC Pressure, Agrees to Pay $30M

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By 247patrick Updated Published
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Breaking: Kraken Cracks Under SEC Pressure, Agrees to Pay $30M

© krblokhin / iStock Editorial via Getty Images

The SEC announced on Thursday that Kraken agreed to settle a complaint by shutting down its crypto staking service and paying a $30 million fine.

According to the Commission, Kraken’s staking service offered since 2019 was an unregistered crypto staking program

Kraken revealed in a blog post it would continue offering crypto staking to customers outside the US through a subsidiary.

The settlement has been anticipated since Wednesday when it was reported that the SEC was in the advanced stages of a probe into the exchange.

On Wednesday afternoon Coinbase’s CEO Brian Armstrong rang the alarm that the Commission may try and ban crypto staking in the United States.

In his Twitter thread, Armstrong stated that such a move would be a “terrible path” for the country to take.

This article originally appeared on The Tokenist

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