Kraken ends staking service for US users

Cryptocurrency exchange Kraken will terminate its cryptocurrency staking service for U.S. users and pay $30 million to settle SEC charges of offering unregistered securities, according to an announcement from the U.S. Securities and Exchange Commission (SEC). The SEC’s description of the staking service offered by Kraken highlights the “risk” investors take when staking tokens to a “staking-as-a-service” provider, with “very little” protections offered to users. Kraken stated that it will automatically unstake any assets other than Ethereum pledged by US users, and Ethereum will not be unstaked before the Shanghai upgrade.