Kraken Reintroduces Staking Services in U.S.

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  • Kraken has reintroduced its cryptocurrency staking services for U.S. clients in 37 states and two territories
  • The platform now offers staking for 17 digital assets, including ETH and SOL
  • This relaunch follows Kraken’s 2023 settlement with the SEC, where it agreed to cease its previous staking program and pay a $30 million fine

Kraken has resumed its cryptocurrency staking services for U.S. customers across 37 states and two territories, enabling users to stake 17 digital assets such as Ethereum and Solana. This move comes after the company settled with the Securities and Exchange Commission (SEC) in 2023, agreeing to halt its prior staking offerings and pay a $30 million penalty. The resumption of its staking services suggests that the company is confident that staking is safe from adverse rulings from the body in the future.

From Banishment to Bonded Staking

Kraken announced the reinstatement of its on-chain staking services for eligible U.S. clients on Thursday. Clients can now participate in bonded staking, which involves locking their crypto assets to a network for a specified duration to support blockchain operations and earn rewards.

In February 2023, Kraken faced allegations from the SEC that its staking services constituted the sale of unregistered securities. To resolve these charges, Kraken agreed to a $30 million settlement and ceased its staking services for U.S. customers, an action that was part of a broader regulatory effort to ensure compliance within the rapidly evolving cryptocurrency industry.

Enhanced Compliance and Future Plans

With the relaunch, Kraken emphasized its commitment to regulatory compliance and the security of its clients’ assets. The company has implemented measures to align with U.S. regulations and plans to expand staking services to additional states as permitted.

Mark Greenberg, Kraken’s Global Head of Consumer, told Coindesk, “We are excited to bring back a brand new product enabling U.S. clients to resume staking with Kraken and play a significant role in bolstering the underlying security of blockchain networks.” 

This development reflects Kraken’s dedication to providing compliant and secure services in the U.S. market, offering clients opportunities to participate in cryptocurrency staking while adhering to regulatory standards.

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