Kraken to halt sale of securities through crypto staking services: SEC

Kraken, one of the world’s largest crypto exchanges, on Thursday agreed to stop offering or selling securities through crypto asset staking services, and pay...

Kraken, one of the world’s largest crypto exchanges, on Thursday agreed to stop offering or selling securities through crypto asset staking services, and pay $30 million in penalties, the Securities and Exchange Commission said. The SEC has been probing Kraken over whether it broke rules on certain offerings to U.S. investors.

“Whether it’s through staking-as-a-service, lending, or other means, crypto intermediaries, when offering investment contracts in exchange for investors’ tokens, need to provide the proper disclosures and safeguards required by our securities laws,” said SEC Chair Gary Gensler. Kraken agreed to cease its program but didn’t admit or deny the SEC’s allegations.

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