![]() That is why it is so essential that these companies comply with securities law. If a platform goes bankrupt, investors end up in bankruptcy court. The action clarifies that staking-as-a-service providers must register and provide complete, fair, and truthful disclosure and investor protection. ![]() In the video, the chairman of the SEC alludes in particular to the bankruptcy of major crypto players, such as FTX, Celsius Network, BlockFi, Genesis, and Voyager Digital, which offered crypto staking. Gary Gensler also published a video on Twitter with questionable humor to explain to the general public why this crypto-staking service had to be shut down by US regulators. On its website and Twitter, the SEC and its chairman, Gary Gensler, indicate that they have acted to protect retail investors by closing this unregistered crypto-staking program. Because of this, the service was illegal in the eyes of the SEC. The SEC criticizes Kraken for not registering its crypto-staking service with the regulatory authorities. ![]() With Kraken staking, you can make your moves as you prefer, even without setting up long-term locking strategies. You can unstake and move your assets except for Ethereum. Paying off this frequently makes it much easier to reap the benefits of compound interest. The user can even put back rewards into automatic staking or withdraw it at no additional cost. The user receives rewards every 3 or 7 days, depending on the network. It is, therefore, an excellent opportunity for all those who want to understand the functioning of staking without “risking” significant sums. You can stake very low minimums and access the service immediately and in just one click. There is no minimum amount to access Kraken staking service. ![]() It has around 15 assets available that you can use for staking, from Ethereum to Polkadot, via Tezos, Kava, Cosmos, and many other networks that are among the most popular with cryptocurrency enthusiasts. Some of these include: Good selection of projects Kraken staking is fantastic due to various special features. This staking feature is among the most straightforward and linear in the entire crypto world and allows us to earn passive income. In return, they receive some of the network’s transaction fees and inflationary rewards. Kraken staking is a feature that allows users to earn rewards by holding specific cryptocurrencies on the exchange.īy staking their assets, users contribute to the security and operation of the blockchain network. ![]() It’s the third largest cryptocurrency exchange in the world, behind only Binance and Coinbase, according to Coin Market Cap.īehind this overwhelming success is the Kraken staking. Kraken is a US cryptocurrency exchange serving Canada, the European Union, Japan, and the United States since 2011. In this article, we will analyze the SEC ban, the reason for the sanction, the possible consequences on the market, and what the future holds for Kraken and the world of crypto staking. Also, SEC’s ban resulted in the momentary fall of the prices of crypto assets, most especially bitcoin. SEC’s ban is a blow to Kraken and the rest of the crypto sector, especially after the months-long crypto winter financial difficulties. The crypto trading platform Kraken has also been fined a hefty 30 million dollars. And one of its first victims is the crypto exchange Kraken, which will have to close its crypto staking service in the US. The American regulator Securities and Exchange Commission is going on a crusade against cryptocurrency staking services. ![]()
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