Kraken will pay $30 million to settle Securities and Exchange Commission allegations that it violated the agency’s rules with its cryptoasset staking products, and as part of the settlement, will discontinue them in the United States. The SEC charged the firm’s staking service with illegally selling securities on Thursday. Because major crypto exchanges such as Coinbase Global Inc. and Binance Holdings Ltd. have waded into the products to diversify revenues, the settlement with Kraken could have a far-reaching impact on the industry.
