Kraken reaches $30M settlement with SEC over staking as IRS seeks user information By Cointelegraph

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Kraken reaches $30M settlement with SEC over staking as IRS seeks user information

Published Feb 09, 2023 03:52PM ET Updated Feb 09, 2023 07:00PM ET

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Kraken reaches $30M settlement with SEC over staking as IRS seeks user information

Cryptocurrency exchange Kraken has reached an agreement with the United States Securities and Exchange Commission to stop offering staking services or programs to U.S. clients.

In a Feb. 9 announcement, the SEC said it had charged Kraken with “failing to register the offer and sale of their crypto asset staking-as-a-service program,” which the commission claims qualified as securities under its purview. The crypto firm has agreed to cease operations of its staking program for U.S. customers as well as pay $30 million in disgorgement, prejudgment interest and civil penalties.

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Stephen Fa Feb 09, 2023 7:27PM ET

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