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Kraken Reintroduces Staking Services in U.S.
In a major development, Kraken has reintroduced its cryptocurrency staking services for US clients across 37 states and two territories. This move is significant as it marks the company’s commitment to regulatory compliance and security of client assets.
After previously ceasing its staking services for US customers due to allegations by the Securities and Exchange Commission (SEC) that its staking services constituted the sale of unregistered securities, Kraken has now resumed its on-chain staking services. This time around, it is focusing on bonded staking, which involves locking in crypto assets to a network for a specified duration to support blockchain operations and earn rewards.
The company’s decision to relaunch staking services follows a settlement with the SEC in 2023 where Kraken agreed to cease its staking offerings for US customers and pay a $30 million fine. The resumption of these services suggests that the company is confident it has taken adequate measures to ensure regulatory compliance.
Kraken emphasized its commitment to compliance and security, noting that it has implemented measures to align with U.S. regulations. According to Kraken’s Global Head of Consumer, Mark Greenberg, “We are excited to bring back a brand new product enabling US clients to resume staking with Kraken and play a significant role in bolstering the underlying security of blockchain networks.”
Source: fullycrypto.com
